# EDGAR Filing Document

**Accession Number:** 0000876883
**File Stem:** 0000876883-23-000004
**Filing Date:** 2023-3
**Character Count:** 75770
**Document Hash:** 8b3a319b78cc21519473b44deee741fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000876883-23-000004.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0000876883-23-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20230302

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stagwell Inc
- **CENTRAL INDEX KEY:** 0000876883
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ADVERTISING AGENCIES [7311]
- **IRS NUMBER:** 980364441
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13718
- **FILM NUMBER:** 23696412

**BUSINESS ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER, FLOOR 65
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007
- **BUSINESS PHONE:** 646 429 1800

**MAIL ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER, FLOOR 65
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MDC Stagwell Holdings Inc
- **DATE OF NAME CHANGE:** 20210729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MDC PARTNERS INC
- **DATE OF NAME CHANGE:** 20040206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MDC CORP INC
- **DATE OF NAME CHANGE:** 20001204

?xml version="1.0" ? stgw-20230302

**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) — March 2, 2023

**Stagwell Inc.** 

(Exact Name of Registrant as Specified in its Charter)

Delaware 001-13718 86-1390679 <br> (Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

One World Trade Center, Floor 65, New York, NY 10007

(Address of principal executive offices and zip code)

(646) 429-1800

(Registrant's Telephone Number)

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:

 ☐ 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, $0.001 par value | STGW | NASDAQ |

---

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&nbsp;&nbsp;&nbsp;&nbsp; ☐

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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐

------

**Item 2.02 Results of Operations and Financial Condition**

On March 2, 2023, Stagwell Inc. (the "Company") issued an earnings release reporting its financial results for the three months and year ended December 31, 2022. A copy of this earnings release is attached as Exhibit 99.1 hereto. Following the issuance of this earnings release, the Company will host an earnings call in which its financial results for the three months and year ended December 31, 2022 will be discussed. The investor presentation to be used for the call is attached as Exhibit 99.2 hereto.

The Company has posted the materials attached as Exhibit 99.1, and 99.2 on its website (www.stagwellglobal.com). The information found on, or otherwise accessible through, the Company's website is not incorporated into, and does not form a part of, this Current Report on Form 8-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The foregoing information (including the exhibits hereto) is being furnished under "Item 2.02 - Results of Operations and Financial Condition". Such information (including the exhibits hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

&nbsp;&nbsp;&nbsp;&nbsp;

The foregoing information and the exhibits hereto contain forward-looking statements within the meaning of the federal securities laws. These statements are based on present expectations, and are subject to the limitations listed therein and in the Company's other SEC reports, including that actual events or results may differ materially from those in the forward-looking statements.

------

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 <u>[Press release date](stgw20221231pr.htm)[d March](stgw20221231pr.htm)[2](stgw20221231pr.htm)[, 202](stgw20221231pr.htm)[3](stgw20221231pr.htm)[, relating to the Company's results for the three](stgw20221231pr.htm)[months and](stgw20221231pr.htm)[year](stgw20221231pr.htm)[ended](stgw20221231pr.htm)[December](stgw20221231pr.htm)[3](stgw20221231pr.htm)[1](stgw20221231pr.htm)[, 2022.](stgw20221231pr.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2 <u>[Investor presentation dated](stagwell4q22earningspres.htm)[March](stagwell4q22earningspres.htm)[2](stagwell4q22earningspres.htm)[, 202](stagwell4q22earningspres.htm)[3](stagwell4q22earningspres.htm)[.](stagwell4q22earningspres.htm)</u>

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 Company has duly caused this report to be signed by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: March 2, 2023 | Stagwell Inc. | Stagwell Inc. |
|  | By: | /s/ Frank Lanuto |
|  |  | Frank Lanuto |
|  |  | Chief Financial Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 99.1

![imagea.jpg](imagea.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;

**<u>FOR IMMEDIATE ISSUE</u>**

**STAGWELL INC. (NASDAQ: STGW) REPORTS RESULTS FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2022** 

***FY22 Revenue rises to record $2.7B following sixth-consecutive quarter of double-digit growth; company doubles stock buyback program to $250M***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• FY22 Pro Forma revenue growth of 21%; 16% in Q4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• FY22 Pro Forma organic net revenue growth of 14%; 8% in Q4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted EBITDA of $451M in FY22, a 20.3% margin on net revenue**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted EBITDA of $123M in Q4, a 21.1% margin on net revenue**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• FY22 Adjusted net income of $268M; $63M in Q4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• FY22 Adjusted EPS of $0.90; $0.22 in Q4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• FY22 Free Cash Flow of $270M; $268M in Q4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• FY22 Net New Business of $213M; $42M in Q4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Reduced net debt by $47M versus prior year, ending with a net leverage ratio of 2.17x**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Issues 2023 Organic Net Revenue growth guidance of 7.5%-10% and 10%-14% ex-Advocacy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Issues 2023 Adjusted EBITDA guidance of $450M-$490M and Free Cash Flow conversion of 50%-60%**

**New York, NY, March 2, 2023 (NASDAQ: STGW)** – Stagwell Inc. ("Stagwell") today announced financial results for the three months and year ended December 31, 2022.

**FOURTH QUARTER AND FULL YEAR HIGHLIGHTS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Q4 revenue of $708 million, an increase of 16% versus the prior year period; FY22 revenue of $2,688 million, an increase of 83% versus the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Q4 revenue growth of 16% versus the prior year period and 13% ex-Advocacy; Pro Forma FY22 revenue growth of 21% versus the prior year period and 17% ex-Advocacy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Q4 net revenue of $583 million, an increase of 12% versus the prior period; FY22 net revenue of $2,222 million, an increase of 75% versus the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Q4 net revenue growth of 12% versus the prior year period and 10% ex-Advocacy; Pro Forma FY22 net revenue growth of 15% versus the prior year period and 13% ex-Advocacy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Q4 organic net revenue growth of 8% versus the prior year period and 6% ex-Advocacy; Pro Forma FY22 organic net revenue growth of 14% versus the prior year period and 12% ex-Advocacy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Q4 Adjusted EBITDA of $123 million, an increase of 19% versus the prior year period; FY22 Adjusted EBITDA of $451 million, an increase of 78% versus the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Q4 Adjusted EBITDA growth of 19% versus the prior period and 10% ex-Advocacy; Pro Forma FY22 Adjusted EBITDA growth of 19% versus the prior period and 12% ex-Advocacy

------

![imagea.jpg](imagea.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Q4 Adjusted EBITDA Margin of 21.1% on net revenue; FY22 Adjusted EBITDA Margin of 20.3% on net revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q4 net loss of $28 million versus net income of $5 million in the prior year period; FY22 net income of $66 million versus $36 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Q4 net loss attributable to Stagwell Inc. common shareholders of $6 million versus net income of $1 million in the prior year period; FY22 net income attributable to Stagwell Inc. common shareholders of $27 million versus $21 million in the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q4 Adjusted net income of $63 million; FY22 Adjusted net income of $268 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q4 Adjusted earnings per share for Stagwell Inc. common shareholders of $0.22; FY22 Adjusted earnings per share of $0.90

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Q4 net new business of $42 million; FY22 net new business of $213 million

"Stagwell closed out 2022 with industry-leading double-digit growth, strong margin expansion, record free cash flow, record earnings per share, and a net debt ratio significantly below our target. We promised to transform marketing, and we have built game-changing AI and AR-driven products as we continue to grow and transform both our business and the industry," said Mark Penn, Chairman and CEO, Stagwell. "We look forward to another year of double-digit growth outside of our advocacy businesses in 2023, continuing our momentum."

Frank Lanuto, Chief Financial Officer, commented: "The Company reported a record $708 million of revenue in the fourth quarter, a 16% increase over the prior year and Adjusted EBITDA of $123 million. Adjusted EBITDA margin as a percentage of net revenue rose to 21.1% for the quarter and 20.3% for the year as a result of careful cost management. Free cash flows rose to $270 million driving down the Company's net leverage ratio to 2.17x."

**Financial Outlook**

2023 financial guidance is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organic Net Revenue growth of 7.5% – 10%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organic Net Revenue growth ex-Advocacy of 10% – 14%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $450 million – $490 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free Cash Flow Conversion of 50% – 60%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EPS of $0.90 – $1.05

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guidance assumes no impact from foreign exchange, acquisitions or dispositions.

\* The Company has excluded a quantitative reconciliation with respect to the Company's 2023 guidance under the "unreasonable efforts" exception in Item 10(e)(1)(i)(B) of Regulation S-K. See "Non-GAAP Financial Measures" below for additional information.

**Stock Repurchase Program**

On March 1, 2023, the Board authorized an extension and a $125,000,000 increase in the size of our previously approved stock repurchase program (the "Repurchase Program"). Under the Repurchase Program, as amended, we may repurchase up to an aggregate of $250,000,000 of shares of our outstanding Class A Common Stock, with any previous purchases under the Repurchase Program continuing to count against that limit. The Repurchase Program will expire on March 1, 2026.

------

![imagea.jpg](imagea.jpg)

**Conference Call**

Management will host a video webcast and conference call on Thursday, March 2, 2023, at 8:30 a.m. (ET) to discuss results for Stagwell Inc. for the three months and year ended December 31, 2022. The video webcast will be accessible at https://stgw.io/Q4andFYEarnings. An investor presentation has been posted on our website at www.stagwellglobal.com and may be referred to during the conference call.

A recording of the conference call will be accessible one hour after the call and available for ninety days at www.stagwellglobal.com.

**Stagwell Inc.**

Stagwell is the challenger network built to transform marketing. We deliver scaled creative performance for the world's most ambitious brands, connecting culture-moving creativity with leading-edge technology to harmonize the art and science of marketing. Led by entrepreneurs, our 13,000+ specialists in 34+ countries are unified under a single purpose: to drive effectiveness and improve business results for their clients. Join us at www.stagwellglobal.com.

**Contacts**

**For Investors:** 

Jason Reid

Ir@stagwellglobal.com

**For Press:**

Beth Sidhu

Pr@stagwellglobal.com

**Basis of Presentation**

The acquisition of MDC Partners (MDC) by Stagwell Marketing Group (SMG) was completed on August 2, 2021. The results of MDC are included within the Statements of Operations for the period beginning on the date of the acquisition through the end of the respective period presented and the results of SMG are included for the entirety of all periods presented.

**Non-GAAP Financial Measures**

In addition to its reported results, Stagwell Inc. has included in this earnings release certain financial results that the Securities and Exchange Commission (SEC) defines as "non-GAAP Financial Measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results. Such non-GAAP financial measures include the following:

Pro Forma Results: The Pro Forma amounts presented for each period were prepared by combining the historical standalone statements of operations for each of legacy MDC and SMG. The unaudited pro forma results are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations or consolidated financial condition would have been had the combination actually occurred on the date indicated, nor do they purport to project the future consolidated results of operations or consolidated financial condition for any future period or as of any future date. The Company has excluded a quantitative reconciliation of Adjusted Pro Forma EBITDA to net income under the "unreasonable efforts" exception in Item 10(e)(1)(i)(B) of Regulation S-K.

------

![imagea.jpg](imagea.jpg)

(1) Organic Revenue: "Organic revenue growth" and "organic revenue decline" refer to the positive or negative results, respectively, of subtracting both the foreign exchange and acquisition (disposition) components from total revenue growth. The acquisition (disposition) component is calculated by aggregating prior period revenue for any acquired businesses, less the prior period revenue of any businesses that were disposed of during the current period. The organic revenue growth (decline) component reflects the constant currency impact of (a) the change in revenue of the partner firms that the Company has held throughout each of the comparable periods presented, and (b) "non-GAAP acquisitions (dispositions), net". Non-GAAP acquisitions (dispositions), net consists of (i) for acquisitions during the current year, the revenue effect from such acquisition as if the acquisition had been owned during the equivalent period in the prior year and (ii) for acquisitions during the previous year, the revenue effect from such acquisitions as if they had been owned during that entire year (or same period as the current reportable period), taking into account their respective pre-acquisition revenues for the applicable periods, and (iii) for dispositions, the revenue effect from such disposition as if they had been disposed of during the equivalent period in the prior year.

(2) Net New Business: Estimate of annualized revenue for new wins less annualized revenue for losses incurred in the period.

(3) Adjusted EBITDA: defined as Net income excluding non-operating income or expense to achieve operating income, plus depreciation and amortization, stock-based compensation, deferred acquisition consideration adjustments, and other items. Other items include restructuring costs, acquisition-related expenses, and non-recurring items.

(4) Adjusted Diluted EPS is defined as (i) Net income (loss) attributable to Stagwell Inc. common shareholders, plus net income attributable to Class C shareholders, excluding amortization expense, impairment and other losses, stock-based compensation, deferred acquisition consideration adjustments, discrete tax items, and other items, divided by (ii) (a) the per weighted average number of common shares outstanding plus (b) the weighted average number of Class C shares outstanding (if dilutive). Other items includes restructuring costs, acquisition-related expenses, and non-recurring items, and subject to the anti-dilution rules.

(5) Free Cash Flow: defined as Adjusted EBITDA less capital expenditures, change in net working capital, cash taxes, interest, and distributions to minority interests, but excludes contingent M&A payments.

(6) Financial Guidance: The Company provides guidance on a non-GAAP basis as it cannot predict certain elements which are included in reported GAAP results.

Included in this earnings release are tables reconciling reported Stagwell Inc. results to arrive at certain of these non-GAAP financial measures.

------

![imagea.jpg](imagea.jpg)

*This document contains forward-looking statements. within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company's representatives may also make forward-looking statements orally or in writing from time to time. Statements in this document that are not historical facts, including, statements about the Company's beliefs and expectations, future financial performance and future prospects, business and economic trends, potential acquisitions, and estimates of amounts for redeemable noncontrolling interests and deferred acquisition consideration, constitute forward-looking statements. Forward-looking statements, which are generally denoted by words such as "anticipate," "assume," "believe," "continue," "could," "create," "estimate," "expect," "focus," "forecast," "foresee," "future," "guidance," "intend," "look," "may," "opportunity," "outlook," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" or the negative of such terms or other variations thereof and terms of similar substance used in connection with any discussion of current plans, estimates and projections are subject to change based on a number of factors, including those outlined in this section.*

*Forward-looking statements in this document are based on certain key expectations and assumptions made by the Company. Although the management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The material assumptions upon which such forward-looking statements are based include, among others, assumptions with respect to general business, economic and market conditions, the competitive environment, anticipated and unanticipated tax consequences and anticipated and unanticipated costs. These forward-looking statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company's control. Therefore, you should not place undue reliance on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any.*

*Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors include, but are not limited to, the following:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• risks associated with international, national and regional unfavorable economic conditions that could affect the Company or its clients;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• inflation and actions taken by central banks to counter inflation;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the Company's ability to attract new clients and retain existing clients;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the impact of a reduction in client spending and changes in client advertising, marketing and corporate communications requirements;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• financial failure of the Company's clients;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the Company's ability to retain and attract key employees;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the Company's ability to compete in the markets in which it operates;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the Company's ability to achieve its cost saving initiatives;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the Company's implementation of strategic initiatives;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the Company's ability to remain in compliance with its debt agreements and the Company's ability to finance its contingent payment obligations when due and payable, including but not limited to those relating to redeemable noncontrolling interests and deferred acquisition consideration;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the Company's ability to manage its growth effectively, including the successful completion and integration of acquisitions that complement and expand the Company's business capabilities;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the Company's ability to develop products incorporating new technologies, including augmented reality, artificial intelligence, and virtual reality, and realize benefits from such products;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• an inability to realize expected benefits of the combination of the Company's business with the business of MDC; (the "Business Combination" and, together with the related transactions, the "Transactions");* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• adverse tax consequences in connection with the Transactions for the Company, its operations and its shareholders, that may differ from the expectations of the Company, including that future changes in tax law, potential increases to corporate tax rates in the United States and disagreements with the tax authorities on the Company's determination of value and computations of its attributes may result in increased tax costs;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the occurrence of material Canadian federal income tax (including material "emigration tax") as a result of the Transactions;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the Company's unremediated material weaknesses in internal control over financial reporting and its ability to establish and maintain an effective system of internal control over financial reporting;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• the Company's ability to protect client data from security incidents or cyberattacks;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• economic disruptions resulting from war and other geopolitical tensions, terrorist activities and natural disasters;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• stock price volatility; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• foreign currency fluctuations.* 

Investors should carefully consider these risk factors, other risk factors described herein, and the additional risk factors outlined in more detail in our 2021 Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on March 17, 2022, and accessible on the SEC's website at www.sec.gov, under the caption "Risk Factors," and in the Company's other SEC filings.

------

![imagea.jpg](imagea.jpg)

**SCHEDULE 1**

**STAGWELL INC.**

**UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS**

(amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br> December 31,** | **Three Months Ended<br> December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Revenue | $708185 | $611927 | $2687792 | $1469363 |
| Operating Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of services | 419811 | 348000 | 1673576 | 906856 |
| &nbsp;&nbsp;&nbsp;Office and general expenses | 172415 | 197318 | 601536 | 424038 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 35631 | 31381 | 131273 | 77503 |
| &nbsp;&nbsp;&nbsp;Impairment and other losses | 94145 | 1314 | 122179 | 16240 |
|  | 722002 | 578013 | 2528564 | 1424637 |
| Operating Income (Loss) | (13817) | 33914 | 159228 | 44726 |
| Other income (expenses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (19510) | (16697) | (76062) | (31894) |
| &nbsp;&nbsp;&nbsp;Foreign exchange, net | 1557 | (1377) | (2606) | (3332) |
| &nbsp;&nbsp;&nbsp;Other, net | (7241) | 3252 | (7059) | 50058 |
|  | (25194) | (14822) | (85727) | 14832 |
| Income (loss) before income taxes and equity in earnings of non-consolidated affiliates | (39011) | 19092 | 73501 | 59558 |
| Income tax expense (benefit) | (12570) | 14193 | 7580 | 23398 |
| Income (loss) before equity in earnings of non-consolidated affiliates | (26441) | 4899 | 65921 | 36160 |
| Equity in loss of non-consolidated affiliates | (1132) | (165) | (79) | (240) |
| Net income (loss) | (27573) | 4734 | 65842 | 35920 |
| Net (income) loss attributable to noncontrolling and redeemable noncontrolling interests | 21095 | (3897) | (38573) | (14884) |
| Net income (loss) attributable to Stagwell Inc. common shareholders | $(6478) | $837 | $27269 | $21036 |
| Income (loss) Per Common Share: |  |  |  |  |
| &nbsp;&nbsp;Basic |  |  |  |  |
| Net income (loss) attributable to Stagwell Inc. common shareholders | $(0.05) | $0.01 | $0.22 | $(0.04) |
| &nbsp;&nbsp;Diluted |  |  |  |  |
| Net income (loss) attributable to Stagwell Inc. common shareholders | $(0.05) | $0.01 | $0.17 | $(0.04) |
| Weighted Average Number of Common Shares Outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 122927 | 99615 | 124262 | 90426 |
| &nbsp;&nbsp;&nbsp;Diluted | 122927 | 104066 | 296596 | 90426 |

---

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![imagea.jpg](imagea.jpg)

**SCHEDULE 2**

**STAGWELL INC.**

**UNAUDITED PRO FORMA COMPONENTS OF NET REVENUE CHANGE**

(amounts in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Net Revenue - Components of Change** | **Net Revenue - Components of Change** | **Net Revenue - Components of Change** | | | **Change** | **Change** |
| |<br>Three Months Ended December 31, 2021 | Foreign Currency | Net Acquisitions (Divestitures) | Organic | Total Change | Three Months Ended December 31, 2022 | Organic | Total |
| Integrated Agencies Network | $299300 | $(2201) | $2175 | $14376 | $14350 | $313650 | 4.8% | 4.8% |
| Brand Performance Network | 156644 | (4006) | 13462 | 13954 | 23410 | 180054 | 8.9% | 14.9% |
| Communications Network | 60778 | (272) | 931 | 17567 | 18226 | 79004 | 28.9% | 30.0% |
| All Other | 2969 | (673) | 10369 | (1927) | 7769 | 10738 | (64.9)% | 261.7% |
|  | $519691 | $(7152) | $26937 | $43970 | $63755 | $583446 | 8.5% | 12.3% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Net Revenue - Components of Change** | **Net Revenue - Components of Change** | **Net Revenue - Components of Change** | | | **Change** | **Change** |
| |<br>Year Ended December 31, 2021 | Foreign Currency | Net Acquisitions (Divestitures) | Organic | Total Change | Year Ended December 31, 2022 | Organic | Total |
| Integrated Agencies Network | $1142636 | $(8327) | $2838 | $110221 | $104732 | $1247368 | 9.6% | 9.2% |
| Brand Performance Network | 543376 | (12305) | 38434 | 98377 | 124506 | 667882 | 18.1% | 22.9% |
| Communications Network | 214829 | (970) | 2682 | 70400 | 72112 | 286941 | 32.8% | 33.6% |
| All Other | 25973 | (835) | (4633) | (543) | (6011) | 19962 | (2.1)% | (23.1)% |
|  | $1926814 | $(22437) | $39321 | $278455 | $295339 | $2222153 | 14.5% | 15.3% |

---

Note: Due to changes in the Company's internal management and reporting structure in the second quarter of 2022, reportable segment results for periods presented prior to the second quarter of 2022 have been recast to reflect the reclassification of certain reporting units (Brands) between operating segments.

------

![imagea.jpg](imagea.jpg)

**SCHEDULE 3**

**STAGWELL INC.**

**UNAUDITED PRO FORMA SEGMENT OPERATING RESULTS**

(amounts in thousands)

**For the Three Months Ended December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Integrated Agencies Network** | **Brand Performance Network** | **Communications Network** | **All Other** | **Corporate** | **Total** |
| &nbsp;&nbsp;Net Revenue | $313650 | $180054 | $79004 | $10738 | $— | $583446 |
| &nbsp;&nbsp;&nbsp;Billable costs | 70391 | 13608 | 40741 | (1) |  | 124739 |
| Revenue | 384041 | 193662 | 119745 | 10737 |  | 708185 |
| &nbsp;&nbsp;&nbsp;Billable costs | 70391 | 13608 | 40741 | (1) |  | 124739 |
| &nbsp;&nbsp;&nbsp;Staff costs | 188025 | 111749 | 43275 | 6061 | 1555 | 350665 |
| &nbsp;&nbsp;&nbsp;Administrative costs | 29396 | 29013 | 8521 | 1677 | 6542 | 75149 |
| &nbsp;&nbsp;&nbsp;Unbillable and other costs, net | 18506 | 12716 | 154 | 2961 |  | 34337 |
| Adjusted EBITDA <sup>(1)</sup> | 77723 | 26576 | 27054 | 39 | (8097) | 123295 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | (1270) | (3322) | 720 | 26 | 3588 | (258) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 19403 | 8630 | 3113 | 2777 | 1708 | 35631 |
| &nbsp;&nbsp;&nbsp;Deferred acquisition consideration | 3460 | (5613) | 3168 |  |  | 1015 |
| &nbsp;&nbsp;&nbsp;Impairment and other losses | 49841 | 42727 |  | 1577 |  | 94145 |
| &nbsp;&nbsp;Other items, net <sup>(1)</sup> | 1772 | 4453 | 326 |  | 28 | 6579 |
| Operating income (loss) | $4517 | $(20299) | $19727 | $(4341) | $(13421) | $(13817) |

---

<sup>(1)</sup> See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA, Other items, net and Pro Forma Adjusted EBITDA.

Note: Due to changes in the Company's internal management and reporting structure in the second quarter of 2022, reportable segment results for periods presented prior to the second quarter of 2022 have been recast to reflect the reclassification of certain reporting units (Brands) between operating segments.

------

![imagea.jpg](imagea.jpg)

**SCHEDULE 4**

**STAGWELL INC.**

**UNAUDITED PRO FORMA SEGMENT OPERATING RESULTS**

(amounts in thousands)

**For the Year Ended December 31, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Integrated Agencies Network** | **Brand Performance Network** | **Communications Network** | **All Other** | **Corporate** | **Total** |
| &nbsp;&nbsp;Net Revenue | $1247368 | $667882 | $286941 | $19962 | $— | $2222153 |
| &nbsp;&nbsp;&nbsp;Billable costs | 232434 | 89326 | 143879 |  |  | 465639 |
| Revenue | 1479802 | 757208 | 430820 | 19962 |  | 2687792 |
| &nbsp;&nbsp;&nbsp;Billable costs | 232434 | 89326 | 143879 |  |  | 465639 |
| &nbsp;&nbsp;&nbsp;Staff costs | 771324 | 412982 | 169109 | 14011 | 25109 | 1392535 |
| &nbsp;&nbsp;&nbsp;Administrative costs | 112285 | 90853 | 31721 | 3894 | 18002 | 256755 |
| &nbsp;&nbsp;&nbsp;Unbillable and other costs, net | 70116 | 48212 | 427 | 2990 |  | 121745 |
| Adjusted EBITDA <sup>(1)</sup> | 293643 | 115835 | 85684 | (933) | (43111) | 451118 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 13774 | 5830 | 1797 | 41 | 11710 | 33152 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 74609 | 33674 | 10831 | 5234 | 6925 | 131273 |
| &nbsp;&nbsp;&nbsp;Deferred acquisition consideration | 9157 | 1736 | (24298) |  |  | (13405) |
| &nbsp;&nbsp;&nbsp;Impairment and other losses | 52360 | 50778 |  | 19041 |  | 122179 |
| &nbsp;&nbsp;Other items, net <sup>(1)</sup> | 4473 | 8129 | 755 | 22 | 5312 | 18691 |
| Operating income (loss) | $139270 | $15688 | $96599 | $(25271) | $(67058) | $159228 |

---

<sup>(1)</sup> See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA, Other items, net and Pro Forma Adjusted EBITDA.

Note: Due to changes in the Company's internal management and reporting structure in the second quarter of 2022, reportable segment results for periods presented prior to the second quarter of 2022 have been recast to reflect the reclassification of certain reporting units (Brands) between operating segments.

------

![imagea.jpg](imagea.jpg)

**SCHEDULE 5**

**STAGWELL INC.**

**UNAUDITED PRO FORMA SEGMENT OPERATING RESULTS**

(amounts in thousands)

**For the Three Months Ended December 31, 2021** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Integrated Agencies Network** | **Brand Performance Network** | **Communications Network** | **All Other** | **Corporate** | **Total** |
| &nbsp;&nbsp;Net Revenue | $299301 | $156644 | $60778 | $2969 | $— | $519692 |
| &nbsp;&nbsp;&nbsp;Billable costs | 51096 | 10879 | 30260 |  |  | 92235 |
| Revenue | 350397 | 167523 | 91038 | 2969 |  | 611927 |
| &nbsp;&nbsp;&nbsp;Billable costs | 51096 | 10879 | 30260 |  |  | 92235 |
| &nbsp;&nbsp;&nbsp;Staff costs | 191971 | 90689 | 36877 | 1634 | 9466 | 330637 |
| &nbsp;&nbsp;&nbsp;Administrative costs | 28047 | 21648 | 6583 | 563 | 3503 | 60344 |
| &nbsp;&nbsp;&nbsp;Unbillable and other costs, net | 15953 | 8850 | 93 | 260 | (19) | 25137 |
| Adjusted EBITDA <sup>(1)</sup> | 63330 | 35457 | 17225 | 512 | (12950) | 103574 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 14760 | 2631 | 543 | 24 | 3610 | 21568 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 18859 | 7961 | 2465 | 486 | 1610 | 31381 |
| &nbsp;&nbsp;&nbsp;Deferred acquisition consideration | 9001 | 184 | 80 |  |  | 9265 |
| &nbsp;&nbsp;&nbsp;Impairment and other losses | 1314 |  |  |  |  | 1314 |
| &nbsp;&nbsp;Other items, net <sup>(1)</sup> | 801 | 3205 | 152 |  | 1974 | 6132 |
| Operating income (loss) | $18595 | $21476 | $13985 | $2 | $(20144) | $33914 |

---

<sup>(1)</sup> See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA, Other items, net and Pro Forma Adjusted EBITDA.

Note: Due to changes in the Company's internal management and reporting structure in the second quarter of 2022, reportable segment results for periods presented prior to the second quarter of 2022 have been recast to reflect the reclassification of certain reporting units (Brands) between operating segments.

------

![imagea.jpg](imagea.jpg)

**SCHEDULE 6**

**STAGWELL INC.**

**UNAUDITED PRO FORMA SEGMENT OPERATING RESULTS**

(amounts in thousands)

**For the Year Ended December 31, 2021** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Integrated Agencies Network** | **Brand Performance Network** | **Communications Network** | **All Other** | **Corporate** | **Total** |
| &nbsp;&nbsp;Net Revenue | $1142636 | $543376 | $214829 | $25973 | $— | $1926814 |
| &nbsp;&nbsp;&nbsp;Billable costs | 165817 | 41841 | 89871 |  |  | 297529 |
| Revenue | 1308453 | 585217 | 304700 | 25973 |  | 2224343 |
| &nbsp;&nbsp;&nbsp;Billable costs | 165817 | 41841 | 89871 |  |  | 297529 |
| &nbsp;&nbsp;&nbsp;Staff costs | 702353 | 344658 | 138200 | 17023 | 35487 | 1237721 |
| &nbsp;&nbsp;&nbsp;Administrative costs | 105140 | 78969 | 22474 | 9783 | 5511 | 221877 |
| &nbsp;&nbsp;&nbsp;Unbillable and other costs, net | 56184 | 31961 | 241 | 793 | 5 | 89184 |
| Adjusted EBITDA <sup>(1)</sup> | 278959 | 87788 | 53914 | (1626) | (41003) | 378032 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 50907 | 5370 | 16231 | 39 | 7978 | 80525 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 48125 | 30922 | 8052 | 2499 | 6537 | 96135 |
| &nbsp;&nbsp;&nbsp;Deferred acquisition consideration | 35840 | 286 | 28 |  |  | 36154 |
| &nbsp;&nbsp;&nbsp;Impairment and other losses | 2269 | 14846 |  |  |  | 17115 |
| &nbsp;&nbsp;Other items, net <sup>(1)</sup> | 6230 | 7427 | 230 |  | 31985 | 45872 |
| Operating income (loss) | $135588 | $28937 | $29373 | $(4164) | $(87503) | $102231 |

---

<sup>(1)</sup> See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA, Other items, net and Pro Forma Adjusted EBITDA.

Note: Due to changes in the Company's internal management and reporting structure in the second quarter of 2022, reportable segment results for periods presented prior to the second quarter of 2022 have been recast to reflect the reclassification of certain reporting units (Brands) between operating segments.

------

![imagea.jpg](imagea.jpg)

**SCHEDULE 7**

**STAGWELL INC.**

**UNAUDITED RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP MEASURE)**

(amounts in thousands, except per share amounts)

**For the Three Months Ended December 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| | **Reported (GAAP)** | **Adjustments** | **Reported <br>(Non-GAAP)** |
| Net income (loss) attributable to Stagwell Inc. common shareholders | $(6478) | $42485 | $36007 |
| Net income attributable to Class C shareholders |  | 27300 | 27300 |
| **Net income (loss) - Diluted EPS** | $(6478) | $69785 | $63307 |
| Weighted average number of common shares outstanding | 122927 | 5666 | 128593 |
| Weighted average number of common Class C shares outstanding |  | 164376 | 164376 |
| **Weighted average number of shares outstanding** | 122927 | 170042 | 292969 |
| Diluted EPS and Adjusted Diluted EPS | $(0.05) |  | $0.22 |
| **Adjustments to Net Income (loss)** | **Adjustments to Net Income (loss)** | **Adjustments to Net Income (loss)** | **Adjustments to Net Income (loss)** |
|  | **Pre-Tax** | **Tax** | **Net** |
| Amortization | $28886 | $(5777) | $23109 |
| Impairment and other losses | 94145 | (114) | 94031 |
| Stock-based compensation | (258) | 52 | (206) |
| Deferred acquisition consideration | 1015 | (203) | 812 |
| Other items, net <sup>(1)</sup> | 6579 | (1316) | 5263 |
| Tax adjustments | 7482 | (34131) | (26649) |
| Total add-backs | $137849 | $(41489) | $96360 |
| Net loss attributable to Class C shareholders |  |  | (26575) |
|  |  |  | $69785 |
| **Allocation of adjustments to net income** | **Allocation of adjustments to net income** | **Allocation of adjustments to net income** | **Allocation of adjustments to net income** |
| Net income attributable to Stagwell Inc. common shareholders - add-backs |  |  | $42485 |
| Net income attributable to Class C shareholders - add-backs |  |  | 53875 |
| Net loss attributable to Class C shareholders |  |  | (26575) |
|  |  |  | 27300 |
|  |  |  | $69785 |

---

<sup>(1)</sup> See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA, Other items, net and Pro Forma Adjusted EBITDA.

------

![imagea.jpg](imagea.jpg)

**SCHEDULE 8**

**STAGWELL INC.**

**UNAUDITED RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP MEASURE)**

(amounts in thousands, except per share amounts)

**For the Year Ended December 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
| | **Reported (GAAP)** | **Adjustments** | **Reported <br>(Non-GAAP)** |
| Net income attributable to Stagwell Inc. common shareholders | $27269 | $95147 | $122416 |
| Net income attributable to Class C shareholders | 24452 | 120655 | 145107 |
| **Net income - Diluted EPS** | 51721 | 215802 | 267523 |
| Weighted average number of common shares outstanding | 130625 |  | 130625 |
| Weighted average number of common Class C shares outstanding | 165971 |  | 165971 |
| **Weighted average number of shares outstanding** | 296596 |  | 296596 |
| Diluted EPS and Adjusted Diluted EPS | $0.17 |  | $0.90 |
| **Adjustments to Net Income** | **Adjustments to Net Income** | **Adjustments to Net Income** | **Adjustments to Net Income** |
|  | **Pre-Tax** | **Tax** | **Net** |
| Amortization | $104763 | $(20953) | $83810 |
| Impairment and other losses | 122179 | (1093) | 121086 |
| Stock-based compensation | 33152 | (6630) | 26522 |
| Deferred acquisition consideration | (13405) | 2681 | (10724) |
| Other items, net <sup>(1)</sup> | 18691 | (3738) | 14953 |
| Tax adjustments | 7482 | (27327) | (19845) |
| Total add-backs | $272862 | $(57060) | $215802 |

---

<sup>(1)</sup> See Non-GAAP Financial Measures section above for the definition of Adjusted EBITDA, Other items, net and Pro Forma Adjusted EBITDA.

------

![imagea.jpg](imagea.jpg)

**SCHEDULE 9**

**STAGWELL INC.**

**UNAUDITED CONSOLIDATED BALANCE SHEETS**

(amounts in thousands)

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| **ASSETS** | | |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $220589 | $184009 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 645846 | 696937 |
| &nbsp;&nbsp;&nbsp;Expenditures billable to clients | 93077 | 63065 |
| &nbsp;&nbsp;&nbsp;Other current assets | 71443 | 61830 |
| Total Current Assets | 1030955 | 1005841 |
| Fixed assets, net | 98878 | 97516 |
| Right-of-use assets - operating leases | 273567 | 311654 |
| Goodwill | 1566956 | 1652723 |
| Other intangible assets, net | 907529 | 958782 |
| Other assets | 115447 | 29064 |
| Total Assets | $3993332 | $4055580 |
| **LIABILITIES, RNCI, AND SHAREHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $357253 | $271769 |
| &nbsp;&nbsp;&nbsp;Accrued media | 240506 | 237794 |
| &nbsp;&nbsp;&nbsp;Accruals and other liabilities | 248477 | 272533 |
| &nbsp;&nbsp;&nbsp;Advance billings | 337034 | 361885 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liabilities - operating leases | 76349 | 72255 |
| &nbsp;&nbsp;&nbsp;Current portion of deferred acquisition consideration | 90183 | 77946 |
| Total Current Liabilities | 1349802 | 1294182 |
| Long-term debt | 1184707 | 1191601 |
| Long-term portion of deferred acquisition consideration | 71140 | 144423 |
| Long-term lease liabilities - operating leases | 294049 | 342730 |
| Deferred tax liabilities, net | 40109 | 103093 |
| Other liabilities | 69780 | 57147 |
| Total Liabilities | 3009587 | 3133176 |
| Redeemable Noncontrolling Interests | 39111 | 43364 |
| Commitments, Contingencies and Guarantees |  |  |
| Shareholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;Common shares - Class A & B | 132 | 118 |
| &nbsp;&nbsp;&nbsp;Common shares - Class C | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Paid-in capital | 491899 | 382893 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 29445 | (6982) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (38941) | (5278) |
| Stagwell Inc. Shareholders' Equity | 482537 | 370753 |
| Noncontrolling interests | 462097 | 508287 |
| Total Shareholders' Equity | 944634 | 879040 |
| Total Liabilities, Redeemable Noncontrolling Interests and Shareholders' Equity | $3993332 | $4055580 |

---

------

![imagea.jpg](imagea.jpg)

**SCHEDULE 10**

**STAGWELL INC.**

**UNAUDITED SUMMARY CASH FLOW DATA**

(amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** |
| Cash flows from operating activities: |  |  |
| Net income | $65842 | $35920 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 33152 | 75032 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 131273 | 77503 |
| &nbsp;&nbsp;&nbsp;Impairment and other losses | 122179 | 16240 |
| &nbsp;&nbsp;&nbsp;Provision for bad debt expense | 7755 | 2031 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | (18319) | (3818) |
| &nbsp;&nbsp;&nbsp;Adjustment to deferred acquisition consideration | (13405) | 18721 |
| &nbsp;&nbsp;&nbsp;Gain on sale of asset |  | (43440) |
| &nbsp;&nbsp;&nbsp;Other, net | (5692) | (1463) |
| Changes in working capital: |  |  |
| Accounts receivable | 37780 | (30784) |
| Expenditures billable to clients | (32366) | (35371) |
| Other assets | 2411 | 3997 |
| Accounts payable | 98871 | (46356) |
| Accrued expenses and other liabilities | (42808) | 61974 |
| Advance billings | (27062) | 76021 |
| Deferred acquisition related payments | (10793) | (5351) |
| Net cash provided by operating activities | 348818 | 200856 |
| Cash flows from investing activities: |  |  |
| Capital expenditures | (22663) | (8797) |
| Current period acquisitions, net of cash acquired | (75466) | 150346 |
| Proceeds from sale of business, net |  | 37232 |
| Capitalized software and other | (19378) | (14829) |
| Net cash (used in) provided by investing activities | (117507) | 163952 |
| Cash flows from financing activities: |  |  |
| Repayment of borrowings under revolving credit facility | (1266000) | (719088) |
| Proceeds from borrowings under revolving credit facility | 1255500 | 516669 |
| Shares acquired and cancelled | (18729) | (841) |
| Distributions to noncontrolling interests and other | (39197) |  |
| Payment of deferred consideration | (63170) |  |
| Purchase of noncontrolling interest | (3600) | (37500) |
| Proceeds from issuance of the 5.625% Notes |  | 1100000 |
| Debt issuance costs |  | (15053) |
| Distributions |  | (233203) |
| Repurchase of 7.50% Senior Notes |  | (884398) |
| Repurchase of Common Stock | (51540) |  |
| Net cash used in financing activities | (186736) | (273414) |
| Effect of exchange rate changes on cash and cash equivalents | (7995) | 158 |
| Net increase in cash and cash equivalents | 36580 | 91552 |
| Cash and cash equivalents at beginning of period | 184009 | 92457 |
| Cash and cash equivalents at end of period | $220589 | $184009 |

---

## Exhibit 99.2

![](stagwell4q22earningspres001.jpg)

Fourth Quarter & Full Year 2022 EARNINGS PRESENTATION MARCH 2 \| 2022

------

![](stagwell4q22earningspres002.jpg)

This document contains forward-looking statements. within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995, as amended. The Company's representatives may also make forward-looking statements orally or in writing from time to time. Statements in this document that are not historical facts, including, statements about the Company's beliefs and expectations, future financial performance and future prospects, business and economic trends, potential acquisitions, and estimates of amounts for redeemable noncontrolling interests and deferred acquisition consideration, constitute forward-looking statements. Forward-looking statements, which are generally denoted by words such as "estimate," "project," "target," "predict," "believe," "expect," "anticipate," "potential," "create," "intend," "could," "should," "would," "may," "foresee," "plan," "will," "guidance," "look," "opportunity," "outlook," "future," "possible," "assume," "forecast," "focus," "continue" or the negative of such terms or other variations thereof and terms of similar substance used in connection with any discussion of current plans, estimates and projections are subject to change based on a number of factors, including those outlined in this section. Forward-looking statements in this document are based on certain key expectations and assumptions made by the Company. Although the management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The material assumptions upon which such forward-looking statements are based include, among others, assumptions with respect to general business, economic and market conditions, the competitive environment, anticipated and unanticipated tax consequences and anticipated and unanticipated costs. These forward-looking statements are based on current plans, estimates and projections, and are subject to change based on a number of factors, including those outlined in this section. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company's control. Therefore, you should not place undue reliance on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update publicly any of them in light of new information or future events, if any. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Such risk factors include, but are not limited to, the following: • risks associated with international, national and regional unfavorable economic conditions that could affect the Company or its clients; • the effects of the outbreak of the novel coronavirus pandemic ("COVID-19", including the measures to reduce its spread, and the impact on the economy and demand for the Company's services, which may precipitate or exacerbate other risks and uncertainties; • an inability to realize expected benefits of the combination of the Company's business with the business of MDC; • adverse tax consequences in connection with the Transactions for the Company, its operations and its shareholders, that may differ from the expectations of the Company, including that future changes in tax law, potential increases to corporate tax rates in the United States and disagreements with the tax authorities on the Company's determination of value and computations of its attributes may result in increased tax costs; • the occurrence of material Canadian federal income tax (including material "emigration tax") as a result of the Transactions; • the Company's ability to attract new clients and retain existing clients; • the impact of a reduction in client spending and changes in client advertising, marketing and corporate communications requirements; • financial failure of the Company's clients; • the Company's ability to retain and attract key employees; • the Company's ability to compete in the markets in which it operates; • the Company's ability to achieve its cost saving initiatives; • the Company's implementation of strategic initiatives; • the Company's ability to remain in compliance with its debt agreements and the Company's ability to finance its contingent payment obligations when due and payable, including but not limited to those relating to redeemable noncontrolling interests and deferred acquisition consideration; • the Company's ability to manage its growth effectively, including the successful completion and integration of acquisitions which complement and expand the Company's business capabilities; • the Company's material weaknesses in internal control over financial reporting and its ability to establish and maintain an effective system of internal control over financial reporting; • the Company's ability to protect client data from security incidents or cyberattacks; • economic disruptions resulting from war and other geopolitical tensions (such as the ongoing military conflict between Russia and Ukraine), terrorist activities and natural disasters; • stock price volatility; and • foreign currency fluctuations. Investors should carefully consider these risk factors, other risk factors described herein, and the additional risk factors outlined in more detail in our 2021 Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on March 17, 2022, and accessible on the SEC's website at www.sec.gov, under the caption "Risk Factors," and in the Company's other SEC filings. FORWARD LOOKING STATEMENTS & OTHER INFORMATION 2

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DEFINITIONS OF NON-GAAP FINANCIAL MEASURES 3 In addition to its reported results, Stagwell Inc. has included in this earnings release certain financial results that the Securities and Exchange Commission (SEC) defines as "non-GAAP Financial Measures." Management believes that such non-GAAP financial measures, when read in conjunction with the Company's reported results, can provide useful supplemental information for investors analyzing period to period comparisons of the Company's results. Such non-GAAP financial measures include the following: Pro Forma Results: The Pro Forma amounts presented for each period were prepared by combining the historical standalone statements of operations for each of legacy MDC and SMG. The unaudited pro forma results are provided for illustrative purposes only and do not purport to represent what the actual consolidated results of operations or consolidated financial condition would have been had the combination actually occurred on the date indicated, nor do they purport to project the future consolidated results of operations or consolidated financial condition for any future period or as of any future date. The Company has excluded a quantitative reconciliation of adjusted Pro Forma EBITDA to net income under the "unreasonable efforts" exception in Item 10(e)(1)(i)(B) of Regulation S-K. (1) Organic Revenue: "Organic revenue growth" and "organic revenue decline" refer to the positive or negative results, respectively, of subtracting both the foreign exchange and acquisition (disposition) components from total revenue growth. The acquisition (disposition) component is calculated by aggregating prior period revenue for any acquired businesses, less the prior period revenue of any businesses that were disposed of during the current period. The organic revenue growth (decline) component reflects the constant currency impact of (a) the change in revenue of the partner firms that the Company has held throughout each of the comparable periods presented, and (b) "non-GAAP acquisitions (dispositions), net". Non-GAAP acquisitions (dispositions), net consists of (i) for acquisitions during the current year, the revenue effect from such acquisition as if the acquisition had been owned during the equivalent period in the prior year and (ii) for acquisitions during the previous year, the revenue effect from such acquisitions as if they had been owned during that entire year (or same period as the current reportable period), taking into account their respective pre-acquisition revenues for the applicable periods, and (iii) for dispositions, the revenue effect from such disposition as if they had been disposed of during the equivalent period in the prior year. (2) Net New Business: Estimate of annualized revenue for new wins less annualized revenue for losses incurred in the period. (3) Adjusted EBITDA: defined as Net income excluding non-operating income or expense to achieve operating income, plus depreciation and amortization, stock-based compensation, deferred acquisition consideration adjustments, and other items. Other items include restructuring costs, acquisition-related expenses, and non-recurring items. (4) Adjusted EPS is defined as Net income (loss) attributable to Stagwell Inc. common shareholders, plus net income attributable to Class C shareholders, excluding amortization expense, impairment and other losses, stock-based compensation, deferred acquisition consideration adjustments, discrete tax items, and other items, per weighted average shares outstanding. Other items includes restructuring costs, acquisition-related expenses, and non-recurring items, and subject to the anti-dilution rules. (5) Free Cash Flow: defined as Adjusted EBITDA less capital expenditures, change in net working capital, cash taxes, interest, and distributions to minority interests, but excludes contingent M&A payments. (6) Financial Guidance: The Company provides guidance on a non-GAAP basis as it cannot predict certain elements which are included in reported GAAP results. Included in this earnings presentation are tables reconciling reported Stagwell Inc. results to arrive at certain of these non-GAAP financial measures.

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4 FINANCIAL Outlook Full-Year 2023 7.5 - 10% Organic Net Revenue Growth 10 - 14% Organic Net Revenue Growth Ex-Advocacy $450M - $490M In Adjusted EBITDA 50 - 60% EBITDA Conversion on Free Cash Flow $0.90 - $1.05 In Adjusted Earnings Per Share Note: Guidance as of 3/02/2023. All figures presented on a Pro Forma basis giving effect to the combination as if it was completed on January 1, 2020. The Company has excluded a quantitative reconciliation with respect to the Company's 2023 guidance under the "unreasonable efforts" exception in Item 10(e)(1)(i)(B) of Regulation S-K. See "Non-GAAP Financial Measures" below for additional information on definitions for Organic Net Revenue, Organic Net Revenue Ex-Advocacy, Adjusted EBITDA, Adjusted Earnings Per Share, and Free Cash Flow. Please refer to our investor website at stagwellglobal.com/investors for information on Forward Looking Statements and risk factors outlined in our 2021 Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on March 17, 2022, and accessible on the SEC's website at www.sec.gov, under the caption "Risk Factors," and in the Company's other SEC filings.

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F O U R T H Q U A R T E R & P R O F O R M A F U L L Y E A R 2 0 2 2 H I G H L I G H T S Strategic M&A Leading GROWTH Strong MARGINS, FCF, & EPS Expanding INTERNATIONALLY Closed 8 acquisitions in 2022 BNG adds AI-driven e-commerce capabilities internationally Maru adds DaaS + analytics platform to Stagwell Marketing Cloud Epicenter adds location-based targeting to Stagwell Marketing Cloud Growing twice as fast internationally vs. domestic 26% FY net revenue growth internationally, 14% in North America Launched regional hubs in Singapore and Brazil 15% FY Net Revenue Growth, 14% Organic 12% Q4 net revenue growth, 8% organic 57% of FY net revenue from digital capabilities grew 28% 20.3% FY adj. EBITDA margin on net revenue 21.1% Q4 adj. EBITDA margin on net revenue FY FCF of $270M, ending with a net leverage of 2.17x $0.22 Q4 adjusted EPS; $0.90 in FY NET DEBT: $979M \| NET LEVERAGE RATIO: 2.17x \| FY STOCK BUYBACKS: $52M Note: All figures presented on a Pro Forma basis giving effect to the combination as if it was completed on January 1, 2020. All growth rates are Pro Forma, year-over-year growth unless otherwise noted. Net Debt defined as bonds plus revolver balance less cash. Net Leverage Ratio defined as Net Debt divided by LTM Adjusted EBITDA. 5

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S U M M A R Y P R O F O R M A C O M B I N E D F I N A N C I A L S Note: All figures presented on a Pro Forma basis giving effect to the combination as if it was completed on January 1, 2021. Figures may not foot due to rounding. Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Net Revenue $583,446 $519,692 $2,222,153 $1,926,814 Billable Costs 124,739 92,235 465, 639 297,529 Revenue $708,185 $611,927 $2,687,792 $2,224,343 Billable Costs 124,739 92,235 465,639 297,529 Staff costs 350,665 330,637 1,392,535 1,237,721 Administrative costs 75,149 60,344 256,755 221,877 Unbillable and other costs, net 34,337 25,137 121,745 89,184 Adjusted EBITDA $123,295 $103,574 $451,118 $378,032 Stock-based compensation (258) 21,568 33,152 80,525 Depreciation and amortization 35,631 31,381 131,273 96,135 Deferred acquisition consideration 1,015 9,265 (13,405) 36,154 Impairment and other losses 94,145 1,314 122,179 17,115 Other items, net 6,579 6,132 18,691 45,872 Operating income (loss) $(13,817) $33,914 $159,228 $102,231 Pro Forma adjusted EBITDA margin (on net revenue) 21.1% 19.9% 20.3% 19.6% 6 $ in Thousands

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P R O F O R M A N E T R E V E N U E Note: All figures presented on a Pro Forma basis giving effect to the combination as if it was completed on January 1, 2021. Figures may not foot due to rounding. Three Months Ended December 31, 2022 Twelve Months Ended December 31, 2022 Net Revenue Change Net Revenue Change 2021 Net Revenue $519,691 $1,926,814 Organic revenue 43,970 8.5% 278,455 14.5% Acquisitions (divestitures), net 26,937 5.2% 39,321 2.0% Foreign currency (7,152) (1.4)% (22,437) (1.2)% Total Change $63,755 12.3% $295,339 15.3% 2022 Net Revenue $583,446 $2,222,153 7 $ in Thousands

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N E T R E V E N U E B Y G E O G R A P H Y Note: Figures presented on a Pro Forma basis giving effect to the combination as if completed on January 1, 2021. Figures may not foot due to rounding. Q4 Organic Growth Y/Y 78.4% 9.0% 12.6% Geography Q422 PF FY 2022 United States 9% 14% United Kingdom 20% 30% Other (4)% 6% TOTAL 8% 14% 8 % OF NET REVENUE 80.6% 7.9% 11.5% FY 2022

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G L O B A L N E T W O R K 9 North America Latin America Europe Asia Pacific • Australia • China • Hong Kong • India • Indonesia • Japan • Malaysia • Philippines • Taiwan • Thailand • Singapore • South Korea Middle East & Africa • Austria • Belgium • Bulgaria • Italy • Latvia • Romania • Slovak Republic • Slovenia • Switzerland • Turkey • Ukraine • France • Germany • Netherlands • Poland • Spain • Sweden • United Kingdom • Argentina • Aruba • Bolivia • Brazil • Curacao • Colombia • Costa Rica • Dominican • Ecuador • El Salvador • Guatemala • Honduras • Jamaica • Nicaragua • Panama • Peru • Republic • Uruguay • Venezuela • Algeria • Bahrain • Egypt • Jordan • Kuwait • Lebanon • Libya • Morocco • Nigeria • Oman • Saudi Arabia • South Africa • Tunisia • United Arab Emirates Stagwell +Affiliates COUNTRIES 34 65+ EMPLOYEES 13K+ 21K+ Stagwell's Affiliate Network Significantly Expands Our Global Footprint • Canada • USA • Mexico Note: As of December 31, 2022.

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O U R P R I N C I P A L C A P A B I L I T I E S Creativity & Communications Blue-Chip Customer Base Performance Media & Data Addressable on a Global Scale Consumer Insights & Strategy Tracking Across the Entire Consumer Journey Digital Transformation Building & Designing Digital Platforms & Technology 1 2 3 4 10 57% Q422 57% FY22

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N E T R E V E N U E G R O W T H B Y C A P A B I L I T Y Note: Figures presented on a Pro Forma basis giving effect to the combination as if completed on January 1, 2021. Advocacy includes Targeted Victory, SKDK, and TMA Direct. Figures may not foot due to rounding. \*EBITDA includes corporate expenses, notionally allocated ratably across each capability. Q422 PF FY 2022 Principal Capability Organic Net Revenue Growth Net Revenue Growth Organic Net Revenue Growth Net Revenue Growth Digital Transformation 21.5% 21.8% 33.4% 33.5% Performance Media & Data 2.5% 12.5% 9.6% 18.3% Consumer Insights & Strategy 16.6% 38.5% 25.3% 31.7% Creativity & Communications 3.1% 2.5% 5.1% 2.4% TOTAL 8.5% 12.3% 14.5% 15.3% TOTAL EX-ADVOCACY 5.7% 9.6% 12.3% 13.1% % OF NET REVENUE 25% 21% 11% 43% 11 28% 19% 10% 43% FY 2022 Q4

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A D J E B I T D A G R O W T H B Y C A P A B I L I T Y Note: Figures presented on a Pro Forma basis giving effect to the combination as if completed on January 1, 2021. Advocacy includes Targeted Victory, SKDK, and TMA Direct. Figures may not foot due to rounding. \*EBITDA includes corporate expenses, notionally allocated ratably across each capability. Principal Capability Q422 PF FY 2022 Digital Transformation 47% 45% Performance Media & Data (14)% 16% Consumer Insights & Strategy 49% 31% Creativity & Communications 16% 2% TOTAL 19% 19% TOTAL EX-ADVOCACY 10% 12% % OF ADJ. EBITDA\* 29% 17% 10% 44% 12 37% 14% 9% 40% FY 2022 Q4 Adj. EBITDA\* Growth Y/Y

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Net Revenue Adjusted EBITDA 2022 2021 % Change 2022 2021 % Change Total 583 520 12.3% 123 104 19.0% Advocacy 53 35 48.6% 23 12 87.0% Total Ex Advocacy 531 484 9.6% 101 92 10.0% Net Revenue Adjusted EBITDA 2022 2021 % Change 2022 2021 % Change Total 2,222 1,927 15.3% 451 378 19.3% Advocacy 183 124 47.8% 67 36 88.0% Total Ex Advocacy 2,039 1,803 13.1% 384 342 12.1% E X - A D V O C A C Y N E T R E V E N U E & A D J U S T E D E B I T D A Note: All figures presented on a Pro Forma basis giving effect to the combination as if it was completed on January 1, 2020. Advocacy includes Targeted Victory, SKDK, & TMA Direct. Actuals may not foot due to rounding $ in Millions Q4 FULL YEAR 13

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N E W B U S I N E S S U P D A T E 14 PER CLIENT AT TOP 25 Notable Business WINS & EXPANSIONSNet New Business Q4 $42M FY 2022 $213M Avg. Net Revenue Q4 $6.3M FY 2022 $24.1M PER CLIENT AT TOP 25

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15 A STRONG YEAR FOR M&A: 8 Strategic Acquisitions in 2022 Closed Description 3/11 Multicultural full-service marketing agency 4/20 Provider of scaled commerce and marketplace solutions for 150+ global brands and 500+ e-retailers worldwide 5/15 Direct response firm in the political data and marketing arena 7/1 A real-time, AI-powered SaaS platform that uncovers consumer, creative, and contextual insights for scaled modern marketing 7/12 Omnichannel content creation and adaptation production company 10/3 Software experience & insights data platform Epicenter 10/3 Enterprise software company leveraging mobile & location data to map and sequence complex consumer behavior 10/3 Award-winning creative agency

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16 WE HAVE OUR FINANCIAL HOUSE in order Refinanced Bonds, Securing $1.1BN in financing › Fixed interest rate of 5.625% in rising interest rate environment › ~7 years to maturity in 2029, providing financial flexibility Secured $500M Revolving Credit Facility with flexible terms, 5-year maturity Moody's upgraded Stagwell's corporate family rating (CFR) to B1 from B2 in July 2022

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L I Q U I D I T Y Available Liquidity (as of 12/31/22) Commitment Under Credit Facility $500 Drawn 100 Undrawn Letters of Credit 25 Undrawn Commitments Under Facility $375 Total Cash & Cash Equivalents 221 Total Available Liquidity $596 17 $ in Millions

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18 MAINTAINING DISCIPLINE AROUND Deferred Acquisition Costs REDUCED DAC BY $61M FROM 2021 YEAR-END BALANCE $222M $161M Q421 Q422

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A D J U S T E D E A R N I N G S P E R S H A R E Three Months Ended December 31, 2022 Twelve Months Ended December 31, 2022 Reported (GAAP) Adjustments Non-GAAP Reported (GAAP) Adjustments Non-GAAP Net income attributable to Stagwell Inc. common shareholders $(6,478) $42,485 $36,007 $27,269 $95,147 $122,416 Net income attributable to Class C Shareholders - 27,300 27,300 24,452 120,655 145,107 Net income – diluted EPS $(6,478) $69,785 $63,307 $51,721 $215,802 $267,523 Weighted average number of common shares outstanding (diluted) 122,927 5,666 128,593 130,625 - 130,625 Weighted average number of common class C shares outstanding (diluted) - 164,376 164,376 165,971 - 165,971 Weighted average number of shares outstanding 122,927 170,042 292,969 296,596 - 296,596 Adjusted earnings per share (diluted) $(0.05) $0.22 $0.17 $0.90 Adjustments to net income (loss) Pre-Tax Tax Net Pre-Tax Tax Net Amortization $28,886 $(5,777) $23,109 $104,763 $(20,953) $83,810 Impairment and other losses 94,145 (114) 94,031 122,179 (1,093) 121,086 Stock-based compensation (258) 52 (206) 33,152 (6,630) 26,522 Deferred acquisition consideration 1,015 (203) 812 (13,405) 2,681 (10,724) Other items, net 6,579 (1,316) 5,263 18,691 (3,738) 14,953 Tax adjustments 7,482 (34,131) (26,649) 7,482 (27,327) (19,845) Total add-backs $137,849 $(41,489) $96,360 $272,862 $(57,060) $215,802 Net income attributable to Class C shareholders (26,575) - Total add-backs & net income attributable to class C shareholders $69,785 $215,802 19 $ and Shares in Thousands Note: Conversion of Class C shares currently results in an anti-dilutive effect. Therefore, GAAP requires diluted earnings per share and share count to exclude conversion of Class C shares. Numbers may not foot due to rounding.

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G A A P C O N S O L I D A T E D O P E R A T I N G P E R F O R M A N C E Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Revenue $708,185 $611,927 $2,687,792 $1,469,363 Cost of services 419,811 348,000 1,673,576 906,856 Office & general expenses 172,415 197,318 601,536 424,038 Depreciation & amortization 35,631 31,381 131,273 77,503 Impairment & other losses 94,145 1,314 122,179 16,240 Total operating expenses $722,002 $578,013 $2,528,564 $1,424,637 Operating income (Loss) $(13,817) $33,914 $159,228 $44,726 Interest expense, net (19,510) (16,697) (76,062) (31,894) Foreign exchange, net 1,557 (1,377) (2,606) (3,332) Other, net (7,241) 3.252 (7,059) 50,058 Other income (expenses) $(25,194) $(14,822) $(85,727) $14,832 Income tax expense (benefit) (12,570) 14,193 7,580 23,398 Income (loss) before equity in earnings of non-consolidated affiliates $(26,441) $4,899 $65,921 $36,160 Equity in income (loss) of non-consolidated affiliates (1,132) (165) (79) (240) Net income (loss) $(27,573) $4,734 $65,842 $35,920 Net (income) loss attributable to non-controlling & redeemable non-controlling interests 21,095 (3,897) (38,573) (14,884) Net income (loss) attributable to Stagwell Inc. common shareholders $(6,478) $837 $27,269 $21,036 Earnings Per Share Basic $(0.05) $0.01 $0.22 $(0.04) Diluted $(0.05) $0.01 $0.17 $(0.04) Weighted Average Number of Shares Outstanding Basic 122,927 99,615 124,262 90,426 Diluted 122,927 104,066 296,596 90,426 Note: Conversion of Class C shares currently results in an anti-dilutive effect. Therefore, GAAP requires Diluted earnings per share and share count to exclude the conversion of Class C shares. Numbers may not foot due to rounding. 20 $ and Shares in Thousands

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P R O F O R M A C A P I T A L S T R U C T U R E Note: Pro Forma share count assumes full conversion of Class C shares to Class A on a one-to-one basis. Numbers may not foot due to rounding 1. Excludes $478M in non-controlling interest of Stagwell Class C shareholders to reflect NCI balance pro forma for full conversion of Class C shares to Class A. 2. Includes redeemable non-controlling interest and obligations in connection with profit interests held by employees. 3. Non-consolidated investments 4. Includes issued and outstanding Class A shares (including unvested restricted stock) and 2,271 Class B shares which have equal economic rights and 10x voting rights to Class A shares. Note: Stagwell Agency Holdings, which is a fully owned subsidiary of Stagwell Media, owns 26.5M of the Class A shares related to its investment in legacy MDC Partners in 2019, of which the common portion was converted to Stagwell Inc. Class A shares upon the closing of the Business Combination in August 2021 and preferred portion converted to Stagwell Inc. Class A shares in September 2021. 5. Class C shares are held by Stagwell Media, the parent company of Stagwell Agency Holdings, issued in August 2021 as consideration for the contribution of its assets to the Business Combination. 6. Represents unvested restricted share units Net Debt & Debt-Like ($M, as of 12/31/22) Revolving Credit Facility $100 Bonds 1,100 NCI1 34 DAC 161 RNCI2 60 Less: Investments3 18 Less: Cash 221 TOTAL NET DEBT & DEBT-LIKE $1,217 Pro Forma Share Count (Thousands, as of 2/28/22) Class A4 131,614 Class C5 (equal voting & economic rights to Class A) 160,909 Share-based awards6 4,868 PRO FORMA DILUTED 297,391 21

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23 AUGMENTED REALITY Product Spotlight THE NEXT GENERATION OF STADIUM ENTERTAINMENT AND FAN ENGAGEMENT ARound is a category creator, bringing a whole new level of fan engagement to the sports and entertainment world with shared augmented reality. By 3D mapping stadiums and delivering localized, interactive content through smartphones, ARound creates a shared digital experience for all fans.

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24 GENERATIVE AI FOR PITCHES, PRESS RELEASES AND SOCIAL POSTS PRophet is the first-ever generative and predictive AI SaaS platform designed by and for the PR community. The platform uses AI to help modern PR professionals become more performative, productive and predictive by generating, analyzing and testing content that predicts earned media interest and sentiment. GENERATIVE AI Product Spotlight

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Thank You Contact Us: IR@StagwellGlobal.com

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