Slides
Page 1
ACCO BRANDS Q3 2026 Earnings Conference Call October 30, 2026
Page 2
Forward-Looking Statements Statements contained herein, other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, strategies, business operations and similar matters, results of operations, liquidity and financial condition, and those relating to cost reductions and anticipated pre-tax savings and restructuring costs are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words "will," "believe," "expect," "intend," "anticipate," "estimate," "forecast," "future", "project," "plan," and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of events outside the Company's control and actual results, and the timing of events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements when deciding whether to buy, sell or hold the Company’s securities. Our outlook is based on certain assumptions which we believe to be reasonable under the circumstances. These include, without limitation, assumptions regarding consumer demand, tariffs, global geopolitical and economic uncertainties, and fluctuations in foreign currency exchange rates; and the other factors described below. Among the factors that could cause our actual results to differ materially from our forward-looking statements are: changes in trade policy and regulations, including changes in trade agreements and the imposition of tariffs, the timing and recoverability of tariff refund claims, and the resulting consequences; global political and economic uncertainties; a limited number of large customers account for a significant percentage of our sales; sales of our products are affected by general economic and business conditions globally and in the countries in which we operate; risks associated with foreign currency exchange rate fluctuations; challenges related to the highly competitive business environment in which we operate; our ability to develop and market innovative products that meet consumer demands and to expand into new and adjacent product categories; our ability to successfully expand our business in emerging markets and the exposure to greater financial, operational, regulatory, compliance and other risks in such markets; the continued decline in the use of certain of our products; risks associated with seasonality, the sufficiency of investment returns on pension assets, risks related to actuarial assumptions, changes in government regulations and changes in the unfunded liabilities of a multi-employer pension plan; any impairment of our intangible assets; our ability to secure, protect and maintain our intellectual property rights, and our ability to license rights and receive certifications from equipment and software businesses to support our technology accessories business; the introduction by third parties of new and successful gaming consoles; our ability to grow profitably through acquisitions, and successfully integrate them, including the possibility that the anticipated benefits of our acquisitions are not realized when expected or at all; our ability to successfully execute our multi-year restructuring and cost savings program and realize the anticipated benefits; continued disruptions in the global supply chain; risks associated with inflation and other changes in the cost or availability of raw materials, transportation, labor, and other necessary supplies and services and the cost of finished goods; risks associated with outsourcing production of certain of our products, information technology systems and other administrative functions; the failure, inadequacy or interruption of our information technology systems or their supporting infrastructure; risks associated with a cybersecurity incident or information security breach, including that related to a disclosure of personally identifiable information; risks associated with the use by us and other suppliers of artificial intelligence, risks associated with our indebtedness, including limitations imposed by restrictive covenants, our debt service obligations, and our ability to comply with financial ratios and tests; a change in or discontinuance of our stock repurchase program or the payment of dividends; product liability claims, recalls or regulatory actions; the impact of litigation or other legal proceedings; the impact of additional tax liabilities stemming from our global operations and changes in tax laws, regulations and tax rates; our failure to comply with applicable laws, rules and regulations and self-regulatory requirements, the costs of compliance and the impact of changes in such laws; our ability to attract and retain qualified personnel; the volatility of our stock price; risks associated with circumstances outside our control, including those caused by telecommunication failures, labor strikes, power and/or water shortages, public health crises, such as the occurrence of contagious diseases, severe weather events, war, terrorism and other geopolitical incidents; and other risks and uncertainties described in "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, and in other reports we file with the Securities and Exchange Commission 2
Page 3
Reg. G Non-GAAP Financial Measures An explanation of how we calculate each of our Non-GAAP financial measures and a reconciliation of our current period and historical non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation. We use our non-GAAP financial measures both to explain our results to stockholders and the investment community and in the internal evaluation and management of our business. We believe our non-GAAP financial measures provide management and investors with a more complete understanding of our underlying operational results and trends, facilitate meaningful period-to-period comparisons and enhance an overall understanding of our past and future financial performance. Our non-GAAP financial measures exclude certain items that may have a material impact upon our reported financial results such as restructuring charges, the impact of foreign currency exchange rate fluctuations, unusual tax items, goodwill and intangible asset impairment charges, bargain purchase gain, and other non-recurring items that we consider to be outside of our core operations. Tariff costs and related refunds are part of our underlying operational results and are not included in the company's non- GAAP measures. On an interim basis, we also calculate adjusted income tax expense using our estimated annual income tax rate. These measures should not be considered in isolation or as a substitute for, or superior to, the directly comparable GAAP financial measures and should be read in connection with the Company’s financial statements presented in accordance with GAAP. We also provide forward-looking non-GAAP comparable sales, adjusted earnings per share, free cash flow, adjusted EBITDA, and historical and forward-looking consolidated leverage ratio. We do not provide a reconciliation of these forward-looking and historical non-GAAP measures to GAAP because the GAAP financial measure is not currently available and management cannot reliably predict all the necessary components of such non-GAAP measures without unreasonable effort or expense due to the inherent difficulty of forecasting and quantifying certain amounts that are necessary for such a reconciliation, including adjustments that could be made for restructuring, integration and acquisition-related expenses, bargain purchase gain, the variability of our tax rate and the impact of foreign currency fluctuation and acquisitions, and other charges reflected in our historical results. The probable significance of each of these items is high and, based on historical experience, could be material. 3
Page 4
3Q 2026 Highlights Received $21 million in cash tariff refunds Achieved sales and pre-tariff adjusted EPS in line with outlook Closed on acquisition of Trust on October 1st, second acquisition in Technology Peripherals categories this year Rate of decline has moderated in Workspace Solutions Globally, Technology Peripherals navigating industry headwinds On track to complete the $100M multi-year cost reduction program by year end, $30 million recognized this year Integration of EPOS acquisition on track Year-to-date generated $89 million of free cash flow, up $63 million from prior year Reduced net debt by $89 million, ended 3Q with consolidated leverage ratio of 3.6x Raising 2026 full year outlook to reflect tariff refunds and the Trust acquisition 4
Page 5
Trust: Expanding Peripherals Well-recognized European brand, offering PC, gaming, smart home and mobile accessories Complements Kensington, PowerA and EPOS; continues our pivot to higher- growth technology peripherals Retail and e-commerce channels make up 90% of sales; expands channel participation of Technology Peripherals portfolio Limited impact to pro forma leverage TECHNOLOGY PERIPHERALS PORTFOLIO Portfolio approaches $500 million in annual pro forma sales Trust offers: keyboards, mice, headsets, speakers, webcams, chargers and gaming peripherals A European-centric provider of computer and gaming accessories 5 $100MM Approx. annual revenue Modestly accretive to Adj. EPS* in first 12 months $5–8MM Approx. cost synergies within 18 months *Pro forma sales and Adjusted EPS are Non-GAAP Financial Measures
Page 6
Financial Results 3Q 2026 3 Months Ended 9 Months Ended $ in Millions 2026 2025 % Chg 2026 2025 % Chg Net Sales $380.3 $383.7 -0.9% $1,139.1 $1,095.9 3.9% *Adjusted Gross Profit $136.4 $126.6 7.7% $380.7 $355.9 7.0% % Margin 35.9% 33.0% 33.4% 32.5% *Adjusted SG&A $88.6 $87.4 1.4% $273.1 $262.7 4.0% % Total Revenue 23.3% 22.8% 24.0% 24.0% *Adj. Operating Income $47.8 $39.2 21.9% $107.6 $93.2 15.5% % Margin 12.6% 10.2% 9.4% 8.5% *Adj. EPS $0.28 $0.21 33.3% $0.59 $0.46 28.3% *Comparable Sales, Adjusted Gross Profit/Margin, Adjusted SG&A, Adjusted Operating Income and Adjusted EPS are Non-GAAP Financial Measures 3Q 2026 Commentary | Reported sales down 0.9% •EPOS benefited sales by 4.9% •Favorable FX 0.4% •Comparable sales down 6.2%* | Adjusted gross margin* rate increase reflects tariff refund of 520 basis points | Higher adj. SG&A due to the EPOS acquisition and incentive compensation, more than offsetting cost reduction savings | Adj. EPS benefited by $0.11 from tariff refund 6
Page 7
3Q Segment Financial Metrics $ in Millions 3Q 2026 3Q 2025 Y/Y Change ACCO BRANDS AMERICAS Sales $219.8 $227.6 -3.4% *Comparable Sales $213.1 $227.6 -6.4% *Adjusted Operating Income $38.1 $32.7 16.5% *Adjusted Operating Margin 17.3% 14.4% 290 bps ACCO BRANDS INTERNATIONAL Sales $160.5 $156.1 2.8% *Comparable Sales $146.8 $156.1 -6.0% *Adjusted Operating Income $17.0 $15.9 6.9% *Adjusted Operating Margin 10.6% 10.2% 40 bps *Comparable Sales, Adjusted Operating Income and Adjusted Operating Margin are Non-GAAP Financial Measures. 3Q Segment Commentary AMERICAS COMMENTARY | Soft sales in technology peripherals | Moderated declines in learning and creative and workspace solutions | North America back-to-school up for the season | Americas adjusted operating margin expansion due to tariff refunds INTERNATIONAL COMMENTARY | Solid performance from the EPOS acquisition | Soft sales in technology peripherals drove comparable sales decline | International operating margin expansion due to pricing and cost savings 7
Page 8
3Q 2026 Margin Reconciliation 3Q 2026 Change vs. Prior Year Items of Significant Impact Bps Adjusted Gross Profit* $136.4M $9.8M Pricing/Product Cost (70) Cost Savings 50 Adjusted Gross Margin* 35.9% 290 bps Fixed Cost Absorption (60) Mix (190) Acquisition 40 Tariff Refund 520 Adjusted SG&A* $88.7M $1.3M Cost Savings (250) Sales Deleverage 140 Adjusted SG&A Margin* 23.3% 50 bps Incentive Compensation 120 Investments/Other (40) Acquisition 80 8*Adjusted Gross Profit/Margin and Adjusted SG&A/Margin are Non-GAAP Financial Measures
Page 9
Capital Structure Facility Balance1 Interest Rate Methodology Rate USD Revolver2 $98 SOFR+CSA4+225 bps 6.23% EUR Revolver2 $82 EURIBOR+ 225 bps 4.84% AUD Revolver2 $27 Australian BBSR+ 225 bps 7.01% EUR Term Loan A $93 EURIBOR+ 225 bps 4.84% Subtotal Senior secured credit facilites3 $307 Weighted average 5.49% Senior unsecrued notes $575 4.25% fixed 4.25% Total Gross Debt $881 Weighted average interest rate 4.67% 1. Currencies converted using September 30, 2026 closing spot rates 2.Represents amounts outstanding under the $467.5M multicurrency revolving credit facility 3. Includes $7M of other debt and excludes unamortized debt issuance costs. 4.Credit Spread Adjustment of 10 bps 5. Assumes we refinance our senior unsecured notes by September 2028. *Consolidated leverage ratio is a Non-GAAP financial measure ($ in millions) |Capital structure as of September 30, 2026 |Company had cash on hand of $174.7M |No debt maturities until 2029 5 |Debt is split 65/35 fixed and variable with weighted average rate of 4.7% |Cash balance increased $92M year-over-year |Gross debt increased $3M year-over-year |Net debt decreased $89M year-over-year |Consolidated leverage ratio of 3.6x at end of 3Q 2026* 9
Page 10
Free Cash Flow $ in Millions Q1 2026 Q2 2026 Q3 2026 YTD 2026 YTD 2025 Y/Y Change Net Cash Provided (Used) by Operating Activities $4 ($35) $131 $100 $38 $62 Additions to PP&E ($2) ($5) ($4) ($11) ($12) $1 Free Cash Flow $1 ($40) $128 $89 $26 $63 Proceeds From the Sale of Assets $0 $0 $0 $0 $17 ($17) Dividends Paid ($7) ($7) ($7) ($21) ($20) ($1) Share Repurchase $0 $0 $0 $0 ($15) $15 Cost of Acquisitions, Net of Cash Acquired ($1) $0 $0 ($1) ($10) $9 Other, Net** ($3) $1 ($1) ($3) $6 ($9) Increase/Decrease in Debt $64 $34 ($52) $46 $5 $41 Increase in Cash on Hand $55 ($13) $68 $110 $8 $102 *Numbers may not foot due to rounding; Free cash flow are Non-GAAP financial measures **Includes FX impact on cash offset by net proceeds from exercise of stock options Debt Cash $ in Millions Beginning of period 12/31/2025 841 64 Increase/(Decrease) 46 110 FX (6) 1 End period 9/30/2026 881 175 Free Cash Flow Commentary | Cash flow seasonally weighted toward second half of the year | Free cash flow of $89M, significantly above prior year | In Q3 received $21 million of tariff refunds | $21M returned to shareholders in the form of dividends | Quarter end high cash balance for acquisition of Trust, which closed on October 1 10
Page 11
Capital Allocation *Consolidated Leverage Ratio are Non-GAAP financial measures ACQUISITIONS DEBT REDUCTION SHAREHOLDER RETURNS | Completed the Trust acquisition October 1st | Full-year consolidated leverage ratio expected to be approximately 3.5x | Net debt down $89M year-over-year | Dividends paid YTD of $21M 11
Page 12
Full Year 2026 Outlook Guidance Full Year 2026 Reported Net Sales $1,585M to $1,615M Reported Net Sales Growth 4.0% to 6.0% Acquisitions 7.0% Foreign Exchange 2.0% Comparable Sales* (5.0%) to (3.0%) Adjusted EPS* (includes $0.12 from tariff recovery) $0.98 to $1.02 Free Cash Flow* Approximately $100M Consolidated Leverage Ratio* Approximately 3.5x *Comparable Sales, Adjusted EPS, Free Cash Flow and Consolidated Leverage Ratio are Non-GAAP financial measures 12
Page 13
Thank You Earnings Call / October 30, 2026 13
Page 14
Appendix 14
Page 15
THREE COMPLEMENTARY PRODUCT CATEGORIES SERVING ENTERPRISE, EDUCATION, AND CONSUMER MARKETS ACROSS 35 COUNTRIES $1.7B* 2025 Revenue 4,700 Employees 1903 Founded 35 Countries *Proforma results include EPOS and Trust 2025 full year sales Global Leader in Enterprise & Productivity Solutions TECHNOLOGY PERIPHERALS $489M* 28% of revenue Hardware technology accessories for enterprises, personal computing and gaming LEARNING & CREATIVE $440M 26% of revenue Academic and creative supplies for writing, drawing, planning and expression WORKSPACE SOLUTIONS $783M 46% of revenue Essential office solutions for document handling, organization, storage and productivity 15 WHO WE ARE... ACCO Brands is the leader in branded consumer products that enables people to work with more productivity, learn with more confidence and play with more enjoyment. We develop, nurture and acquire a comprehensive portfolio of distinct, innovative and widely recognized brands.
Page 16
About Non-GAAP Financial Measures Our non-GAAP financial measures include the following: Comparable Sales: Represents net sales excluding the impact of acquisitions, if any, with current-period foreign operation sales translated at prior-year currency rates. We believe comparable sales are useful to investors and management because they reflect underlying sales and sales trends without the effect of the EPOS acquisition and fluctuations in foreign exchange rates and facilitate meaningful period-to-period comparisons. We sometimes refer to comparable sales as comparable net sales. Adjusted Gross Profit, Operating Income (Loss)/Adjusted Income (Loss) Before Taxes/Adjusted Net Income (Loss)/Adjusted Net Income (Loss) Per Diluted Share: Represents gross profit, operating income (loss), income (loss) before taxes, net income (loss), and net income (loss) per diluted share excluding restructuring and goodwill and indefinite lived trade name impairment charges, the amortization of intangibles, the bargain purchase gain, non-recurring items, other income/expense, adjustments to reflect the estimated annual tax rate and discrete income tax adjustments, including income tax related to the foregoing. We believe these adjusted non-GAAP financial measures are useful to investors and management because they reflect our underlying operating performance before items that we consider to be outside our core operations and facilitate meaningful period-to-period comparisons. Senior management’s incentive compensation is derived, in part, using adjusted operating income and adjusted net income per diluted share, which is derived from adjusted net income. We sometimes refer to adjusted net income per diluted share as adjusted earnings per share or adjusted EPS. Adjusted Income Tax Expense (Benefit): Represents income tax expense (benefit) excluding the tax effect of the items that have been excluded from adjusted income (loss) before taxes, unusual income tax items such as the impact of tax audits and changes in laws, and other discrete tax items. We believe our adjusted income tax expense (benefit) is useful to investors because it reflects our income tax calculated using the estimated annual tax rate before discrete tax items that we consider to be outside our core operations and facilitates meaningful period-to-period comparisons. For interim periods, the income tax expense (benefit) is calculated using the estimated annual income tax rate. Adjusted EBITDA: Represents net income excluding the effects of depreciation, stock-based compensation expense, amortization of intangibles, interest expense, net, other (income) expense, net, and income tax expense, restructuring and goodwill and indefinite lived trade name charges, bargain purchase gain and other non-recurring items. We believe adjusted EBITDA is useful to investors because it reflects our underlying cash profitability and adjusts for certain non-cash charges and items that we consider to be outside our core operations and facilitates meaningful period-to-period comparisons. In addition, this calculation of adjusted EBITDA is used in our loan agreement to calculate our leverage ratio covenant. Free Cash Flow: Free cash flow represents cash flow from operating activities less cash used for additions to property, plant and equipment.We believe free cash flow is useful to investors because it measures our available cash flow for paying dividends, reducing debt, repurchasing shares and funding acquisitions. Net Debt: Represents balance sheet debt plus unamortized debt origination costs and less any cash and cash equivalents. Consolidated Leverage Ratio: Represents net debt divided by trailing twelve months adjusted EBITDA. 16
Page 17
ACCO Brands Corporation and Subsidiaries Reconciliation of GAAP to Adjusted Non-GAAP Information (Unaudited) The following tables set forth a reconciliation of certain Consolidated Statements of Income (Loss) information reported in accordance with GAAP to Adjusted Non-GAAP Information for the three months ended September 30, 2026, and 2025. Three Months Ended September 30, 2026 Gross Profit % of Sales SG&A % of Sales Operating Income % of Sales Income before Tax % of Sales Income Tax Expense Tax Rate Net Income % of Sales (in millions, except per share data) Reported GAAP $135.8 35.7 % $93.7 24.6 % $30.3 8.0 % $16.6 4.4 % $5.1 30.7 % $11.5 3.0 % Reported GAAP income per diluted share (EPS) $0.12 Amortization of inventory step-up (B) 0.6 — 0.6 0.6 (0.1) 0.7 Reserve for customer liquidation (C) — (4.8) 4.8 4.8 1.2 3.6 Integration costs (D) — (0.3) 0.3 0.3 0.1 0.2 Brazil indirect tax reserve (H) — — — — 0.1 (0.1) Restructuring — — 0.3 0.3 — 0.3 Amortization of intangibles — — 11.5 11.5 3.0 8.5 Bargain purchase gain (E) — — — 2.7 — 2.7 Acquisition related costs (F) — — — 1.6 0.4 1.2 Discrete tax items and adjustments to annual tax rate (A) — — — — 1.4 (1.4) Adjusted Non-GAAP $136.4 35.9 % $88.6 23.3 % $47.8 12.6 % $38.4 10.1 % $11.2 29.0 % $27.2 7.2 % Adjusted income per diluted share (Adjusted EPS) $0.28Three Months Ended September 30, 2025 Operating Income % of Sales Income before Tax % of Sales Income Tax Expense Tax Rate Net Income % of Sales (in millions, except per share data) Reported GAAP $26.0 6.8 % $14.7 3.8 % $10.7 72.8 % $4.0 1.0 % Reported GAAP income per diluted share (EPS) $0.04 Restructuring 1.5 1.5 0.3 1.2 Amortization of intangibles 11.7 11.7 3.2 8.5 Brazil tax assessment (I) — — (0.3) 0.3 Discrete tax items and adjustments to annual tax rate (A) — — (5.5) 5.5 Adjusted Non-GAAP $39.2 10.2 % $27.9 7.3 % $8.4 30.0 % $19.5 5.1 % Adjusted income per diluted share (Adjusted EPS) $0.21 17
Page 18
ACCO Brands Corporation and Subsidiaries Reconciliation of GAAP to Adjusted Non-GAAP Information (Unaudited) The following tables set forth a reconciliation of certain Consolidated Statements of Income (Loss) information reported in accordance with GAAP to Adjusted Non-GAAP Information for the nine months ended September 30, 2026, and 2025. Nine Months Ended September 30, 2026 Gross Profit % of Sales SG&A % of Sales Operating Income % of Sales Income before Tax % of Sales Income Tax Expense Tax Rate Net Income % of Sales (in millions, except per share data) Reported GAAP $376.7 33.1 % $284.0 24.9 % $50.2 4.4 % $51.2 4.5 % $6.2 12.1 % $45.0 4.0 % Reported GAAP income per diluted share (EPS) $0.47 Amortization of inventory step-up (B) 4.0 — 4.0 4.0 0.9 3.1 Reserve for customer liquidation (C) — (4.8) 4.8 4.8 1.2 3.6 Integration costs (D) — (0.3) 0.3 0.3 0.1 0.2 Litigation settlement (G) — (4.0) 4.0 4.0 1.0 3.0 Brazil indirect tax reserve (H) — (1.8) 1.8 1.8 0.6 1.2 Restructuring — — 8.3 8.3 2.1 6.2 Amortization of intangibles — — 34.2 34.2 9.1 25.1 Bargain purchase gain (E) — — — (33.8) — (33.8) Acquisition related costs (F) — — — 4.7 1.2 3.5 Discrete tax items and adjustments to annual tax rate (A) — — — — 0.7 (0.7) Adjusted Non-GAAP $380.7 33.4 % $273.1 24.0 % $107.6 9.4 % $79.5 7.0 % $23.1 29.0 % $56.4 5.0 % Adjusted income per diluted share (Adjusted EPS) $0.59Nine Months Ended September 30, 2025 Operating Income % of Sales Income before Tax % of Sales Income Tax Expense Tax Rate Net Income % of Sales (in millions, except per share data) Reported GAAP $52.3 4.8 % $20.9 1.9 % $0.9 4.3 % $20.0 1.8 % Reported GAAP income per diluted share (EPS) $0.21 Restructuring 13.2 13.2 3.2 10.0 Amortization of intangibles 34.6 34.6 9.3 25.3 Gain on sale of property (J) (6.9) (6.9) (1.7) (5.2) Brazil tax assessment (I) — — 13.1 (13.1) Discrete tax items and adjustments to annual tax rate (A) — — (6.3) 6.3 Adjusted Non-GAAP $93.2 8.5 % $61.8 5.6 % $18.5 30.0 % $43.3 4.0 % Adjusted income per diluted share (Adjusted EPS) $0.46 18
Page 19
Notes to Reconciliations of GAAP to Adjusted Non-GAAP Information and Net Income to Adjusted EBITDA (Unaudited) A. The income tax impact of discrete tax items. For interim periods for years ended September 30, 2026 and 2025, the Company adjusted its tax rate to 29.0% and 30.0%, respectively, which represents its full year non-GAAP estimated annual tax rate. The Company's full year non-GAAP estimated annual tax rate remains subject to variation from the mix of earnings across the Company's operating jurisdictions. B. Represents the amortization of inventory step-up associated with the acquisition of EPOS. C. Represents reserves for uncollectible invoices related to a customer liquidation. D. Represents integration expenses associated with the acquisition of EPOS. E. Represents the bargain purchase gain associated with the acquisition of EPOS. F. Acquisition related costs. G. Settlement of patent infringement litigation. H. Represents a reserve associated with Brazilian indirect taxes. I. Settlement and release of uncertain tax positions related to the Brazil Tax Assessments. J. Gain related to the sale of facilities in Sidney, New York and Barcelona, Spain. 19
Page 20
ACCO Brands Corporation and Subsidiaries Reconciliation of Net Income to Adjusted EBITDA (Unaudited) The following table sets forth a reconciliation of net income reported in accordance with GAAP to Adjusted EBITDA. Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2026 2025 % Change 2026 2025 % Change Net income $11.5 $4.0 NM $45.0 $20.0 125.0 % Inventory step-up amortization (B) 0.6 — NM 4.0 — NM Stock-based compensation 2.9 0.6 NM 10.1 8.9 13.5 % Depreciation 4.6 6.7 (31.3)% 14.1 20.0 (29.5)% Litigation settlement (G) — — NM 4.0 — NM Reserve for customer liquidation 4.8 — NM 4.8 — NM Integration costs (C) 0.3 — NM 0.3 — NM Brazil indirect tax reserve (H) — — NM 1.8 — NM Amortization of intangibles 11.5 11.7 (1.7)% 34.2 34.6 (1.2)% Restructuring 0.3 1.5 (80.0)% 8.3 13.2 (37.1)% Gain on disposal of assets (J) — — NM — (6.9) (100.0)% Interest expense, net 9.5 9.5 — % 28.1 27.3 2.9 % Bargain purchase gain (E) 2.7 — NM (33.8) — — % Other expense, net 1.6 1.1 45.5 % 5.0 2.3 117.4 % Income tax expense 5.1 10.7 (52.3)% 6.2 0.9 NM Adjusted EBITDA (non-GAAP) $55.4 $45.8 21.0 % $132.1 $120.3 9.8 % Adjusted EBITDA as a % of Net Sales 14.6 % 11.9 % 11.6 % 11.0 % 20
Page 21
Reconciliation of Debt to Net Debt (Unaudited) The following table sets forth a reconciliation of debt reported in accordance with GAAP to Net Debt. Reconciliation of Net Cash Used by Operating Activities to Free Cash Flow The following table sets forth a reconciliation of net cash used by operating activities reported in accordance with GAAP to Free Cash Flow. Nine Months Ended September 30, (in millions) 2026 2025 $ Change Total debt per balance sheet $878.1 $873.5 Add debt origination costs 3.1 4.3 Less cash and cash equivalents 174.7 82.5 Net Debt (non-GAAP) $706.5 $795.3 $(88.8) (in millions) Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Net cash provided by operating activities $131.4 $71.5 $99.6 $38.1 Additions to property, plant and equipment (3.8) (5.5) (10.6) (12.3) Free Cash Flow (non-GAAP) $127.6 $66.0 $89.0 $25.8 21
Page 22
ACCO Brands Corporation and Subsidiaries Supplemental Business Segment Information and Reconciliation (Unaudited) See "Notes to Reconciliations of GAAP to Adjusted Non-GAAP Information and Net Income (Loss) to Adjusted EBITDA (Unaudited)" for further information regarding adjusted items. 2026 2025 Changes Adjusted Adjusted Reported Adjusted Operating Reported Adjusted Operating Adjusted Adjusted Operating Operating Income Operating Operating Income Operating Operating Adjusted Reported Income Adjusted Income (Loss) Reported Income Adjusted Income (Loss) Net Sales Net Sales Income Income Margin (in millions) Net Sales (Loss) Items (Loss) Margin Net Sales (Loss) Items (Loss) Margin $ % (Loss) $ (Loss) % Points Q1: ACCO Brands Americas $178.5 $3.4 $9.4 $12.8 7.2% $173.9 $0.9 $9.1 $10.0 5.8% $4.6 2.6% $2.8 28.0% 140 ACCO Brands International 165.2 2.4 8.7 11.1 6.7% 143.5 5.1 4.5 9.6 6.7% 21.7 15.1% 1.5 15.6% — Corporate — (16.2) 4.0 (12.2) — (12.7) — (12.7) — 0.5 Total $343.7 $(10.4) $22.1 $11.7 3.4% $317.4 $(6.7) $13.6 $6.9 2.2% $26.3 8.3% $4.8 69.6% 120 Q2: ACCO Brands Americas $262.9 $46.4 $9.4 $55.8 21.2% $248.5 $40.7 $2.5 $43.2 17.4% $14.4 5.8% $12.6 29.2% 380 ACCO Brands International 152.2 (4.8) 8.4 3.6 2.4% 146.3 0.8 11.6 12.4 8.5% 5.9 4.0% (8.8) (71.0)% (610) Corporate — (11.3) — (11.3) — (8.5) — (8.5) — (2.8) Total $415.1 $30.3 $17.8 $48.1 11.6% $394.8 $33.0 $14.1 $47.1 11.9% $20.3 5.1% $1.0 2.1% (30) Q3: ACCO Brands Americas $219.8 $25.4 $12.7 $38.1 17.3% $227.6 $24.7 $8.0 $32.7 14.4% $(7.8) (3.4)% $5.4 16.5% 290 ACCO Brands International 160.5 12.4 4.6 17.0 10.6% 156.1 10.5 5.4 15.9 10.2% 4.4 2.8% 1.1 6.9% 40 Corporate — (7.5) 0.2 (7.3) — (9.2) (0.2) (9.4) — 2.1 Total $380.3 $30.3 $17.5 $47.8 12.6% $383.7 $26.0 $13.2 $39.2 10.2% $(3.4) (0.9)% $8.6 21.9% 240 YTD: ACCO Brands Americas $661.2 $75.2 $31.5 $106.7 16.1% $650.0 $66.3 $19.6 $85.9 13.2% $11.2 1.7% $20.8 24.2% 290 ACCO Brands International 477.9 10.0 21.7 31.7 6.6% 445.9 16.4 21.5 37.9 8.5% 32.0 7.2% (6.2) (16.4)% (190) Corporate — (35.0) 4.2 (30.8) — (30.4) (0.2) (30.6) — (0.2) Total $1,139.1 $50.2 $57.4 $107.6 9.4% $1,095.9 $52.3 $40.9 $93.2 8.5% $43.2 3.9% $14.4 15.5% 90 22
Page 23
ACCO Brands Corporation and Subsidiaries Supplemental Net Sales Change Analysis (Unaudited) (A) Comparable sales represents net sales excluding acquisitions, if any, and with current-period foreign operation sales translated at the prior-year currency rates. % Change - Net Sales $ Change - Net Sales (in millions) GAAP Non-GAAP GAAP Non-GAAP Net Sales Change Currency Translation Acquisition Comparable Sales Change (A) Net Sales Change Currency Translation Acquisition Comparable Sales Change (A) Comparable Sales Q1 2026: ACCO Brands Americas 2.6 % 2.9 % 2.0 % (2.3)% $4.6 $5.1 $3.5 $(4.0) $169.9 ACCO Brands International 15.1 % 9.8 % 8.1 % (2.8)% 21.7 14.0 11.7 (4.0) 139.5 Total 8.3 % 6.0 % 4.8 % (2.5)% $26.3 $19.1 $15.2 $(8.0) $309.4 Q2 2026: ACCO Brands Americas 5.8 % 1.3 % 2.7 % 1.8 % $14.4 $3.3 $6.6 $4.5 $253.0 ACCO Brands International 4.0 % 2.5 % 10.8 % (9.3)% 5.9 3.6 15.8 (13.5) 132.8 Total 5.1 % 1.7 % 5.7 % (2.3)% $20.3 $6.9 $22.4 $(9.0) $385.8 Q3 2026: ACCO Brands Americas (3.4)% 1.0 % 2.0 % (6.4)% $(7.8) $2.2 $4.5 $(14.5) $213.1 ACCO Brands International 2.8 % (0.4)% 9.2 % (6.0)% 4.4 (0.6) 14.3 (9.3) 146.8 Total (0.9)% 0.4 % 4.9 % (6.2)% $(3.4) $1.6 $18.8 $(23.8) $359.9 2026 YTD: ACCO Brands Americas 1.7 % 1.6 % 2.2 % (2.1)% $11.2 $10.6 $14.6 $(14.0) $636.0 ACCO Brands International 7.2 % 3.8 % 9.4 % (6.0)% 32.0 17.0 41.8 (26.8) 419.1 Total 3.9 % 2.5 % 5.1 % (3.7)% $43.2 $27.6 $56.4 $(40.8) $1,055.1 23