Slides
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Third Quarter 2026 Earnings November 4, 2026
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2 Vice President, Strategy & Investor Relations Brian Anderson
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3 Today’s Presenters
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4 Statements made in this presentation regarding Deluxe, the company’s,or management’s intentions, expectations, outlook, or predictions about future results or events are considered “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current intentions or beliefs and are subject to risks and uncertainties that could cause actual results or events to differ from stated expectations, which variations could be material and adverse. Factors that could lead to such variations include, but are not limited to, the following: changes in local, regional, national, and international economic or political conditions, including those arising from heightened inflation, rising interest rates, a recession, uncertainties surrounding trade policies or tariffs, or intensified international hostilities, and their impact on the company, its data, customers, or demand for the company’s products and services; the effects of proposed and enacted legislative and regulatory actions affecting the company or the financial services industry as a whole; ongoing cost increases and/or declines in the availability of data, materials, and other services; the company’s ability to execute its strategy and to realize the intended benefits; the inherent unreliability of earnings, revenue, and cash flow predictions due to numerous factors, many of which are beyond the company’s control; declining demand for the company’s checks, check-related products and services, and business forms; risks that the company’s strategies intended to drive sustained revenue and earnings growth, despite the continuing decline in checks and forms, are delayed or unsuccessful; intense competition; consolidation of financial institutions and/or bank failures, reducing the number of potential customers and referral sources and increasing downward pressure on the company’s revenue and gross profit; risks related to acquisitions, including integration-related risks and risks that future acquisitions will not be consummated; risks that any such acquisitions do not produce the anticipated results or synergies; risks that the company’s cost reduction initiatives will be delayed or unsuccessful; risks related to any divestitures contemplated or undertaken by the company; performance shortfalls by one or more of the company’s major suppliers, licensors, data or service providers; continuing supply chain and labor supply issues; unanticipated delays, costs, and expenses in the development and marketing of products and services, including financial technology and treasury management solutions; the failure of such products and services to deliver the expected revenues and other financial targets; risks related to security breaches, computer malware, or other cyber-attacks; risks of interruptions to the company’s website operations or information technology systems; and risks of unfavorable outcomes and the costs to defend litigation and other disputes. The company’s forward-looking statements speak only as of the time made, and management assumes no obligation to publicly update any such statements. Additional information concerning these and other factors that could cause actual results and events to differ materially from the company’s current expectations are contained in the company’s Form 10-K for the year ended December 31, 2025 and other filings made with the SEC. The company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information, or future circumstances. Portions of the financial and statistical information discussed during this call are addressed in more detail in today's press release, which is posted on the company's investor relations website at www.investors.deluxe.com. This information was also furnished to the SEC on the Form 8-K filed by the company this evening. Any references to non-GAAP financial measures are reconciled to the comparable GAAP financial measures in the press release and as part of this presentation. Cautionary Statement
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5 President and Chief Executive Officer Barry McCarthy
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Comparable Adjusted Revenue $507.9 $553.9 Q3 25 Q3 26 Q3'26 Financial Highlights (in millions) Revenue $540.2 $553.9 Q3 25 Q3 26 Adjusted EBITDA $118.9 $127.1 Q3 25 Q3 26 +2.5% +6.9% Net Income - GAAP $33.7 $13.0 Q3 25 Q3 26+9.1% 6 Comparable Adjusted EBITDA $116.0 $127.1 Q3 25 Q3 26 +9.6% -61.4%
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OUR BUSINESSES Merchant Services PAYMENTS & DATA BUSINESSESLEGACY PRINT BUSINESSES B2B Payments DataChecks Promotional Products Corporate CORPORATE Q3'26 Financial Overview Revenue mix shift towards Payments and Data accelerates 7 Q3'26 YTD REVENUE Rev % of Total DLX YOY % Rev Growth Q3'26 YTD ADJ EBITDA MARGIN % KEY COMPONENTS $736.7 million $854.5 million - 46.3% 53.7% - (4.7%) * 14.6% - 34.7% 24.6% (7.1%) • Reliable cash flows to pay down debt and re-invest in Payments & Data businesses • Large installed base of FIs and SMBs Secular growth markets • Merchant: Deep vertical expertise • B2B Payments: Software & payments that ease complex customer pain points • Data: Market leader across financial institutions broadening to adjacent verticals • Drive efficiencies across shared-service functions
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8 Q3'26 Financial Highlights Revenue growth & operating efficiency drive margin expansion; robust YTD cash flow growth DRIVING PAYMENTS & DATA GROWTH EFFICIENCY FOCUS: DRIVING OPERATING LEVERAGE INCREASED CASH FLOW & CONVERSION RATE EXPANSION OF EARNINGS METRICS • Data Solutions Revenue +15.4% vs. Q3'25 • Merchant Services Revenue +37.9% vs. Q3'25 • B2B Payments Revenue +5.7% vs. Q3'25 • Print Comp Adj Revenue (3.6%); Check Comp Adj Revenue (3.5%) vs. Q3'25 • Payments: YTD adj EBITDA margin expansion: B2B +440 bps vs YTD Q3'25; Merchant Services: +270 bps vs YTD Q3'25 • Print YTD adj EBITDA margin expansion: +250 bps vs YTD Q3'25 • OpEx efficiency: YTD Q3'26 total SG&A down $14.3M, 2.2% vs. YTD Q3'25 • Cash from Operating Activities: $215.9M YTD Q3'26, +28.1% vs YTD Q3'25 • Free Cash Flow: $134.9M YTD Q3'26, +40.7% vs. YTD Q3'25 • Free Cash Flow / adj EBITDA conversion: 38.1% for YTD Q3'26 • Comparable adjusted EBITDA $127.1M; +9.6% vs Q3'25 • Comparable adjusted EPS $1.06, +1.9% vs. Q3'25 • Maintained Dividend: returning capital to shareholders Adjusted EBITDA: $127.1 million // +6.9% vs. Q3'25; 22.9% margin // 90 bps YoY
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Long-term Value Creation Algorithm 9
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10 Chief Financial Officer Chip Zint
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11 Q3'26 Financial Summary TOTAL REVENUE $553.9M Up 2.5% versus Q3'25; Comparable adjusted revenue up 9.1% NET INCOME $13.0M Or $0.28 per share on a diluted basis; Down from $33.7M, or $0.74 per share in Q3'25, on acquisition- related expenses Adjusted EBITDA $127.1M Increased 9.6% versus Q3'25 Adj. EBITDA margin 22.9% Increased 10 basis points versus Q3'25 Adj. Diluted EPS $1.06 Up 1.9% compared to Q3'25 Comparable Metrics
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12 (in millions) Adjusted EBITDA margin was 23.8%, up 300 basis points year-over- year, driven by revenue growth, channel/partner mix, and purchase of residual commission rights Merchant Services Payment Processing & Reporting Omnichannel Payments Terminals & Devices Revenue $98.0 $135.1 Q3 25 Q3 26 +37.9% Adjusted EBITDA $20.4 $32.1 Q3 25 Q3 26 +57.4%
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13 B2B/Digital Payments Payables as a Service Treasury Management Receivables as a Service (in millions) Adjusted EBITDA margin was 29.1%, up 610 basis points year-over- year driven by revenue wins and cost efficiencies B2B Payments Revenue $73.1 $77.3 Q3 25 Q3 26 +5.7% Adjusted EBITDA $16.8 $22.5 Q3 25 Q3 26 Fraud & Security Protection +33.9%
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14 Data Analytics and SMB SaaS Solutions Data Driven Marketing (in millions) Adjusted EBITDA margin was 26.8%, returning toward full-year low- to mid-20 percent rate outlook and reflective of prior-year vendor rebate impacts Data Solutions Revenue $89.2 $102.9 Q3 25 Q3 26 +15.4% Adjusted EBITDA $29.1 $27.6 Q3 25 Q3 26 -5.2%
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15 Web Storefront Platform for Branded Products Extensive range of Promotional offerings Business Essentials Consumer and Business Checks Adjusted EBITDA margin for Q3 26 was 35.3%, remaining aligned to low- to mid-30s margin rate outlook Print (in millions) Comparable Adjusted Revenue $247.6 $238.6 Q3 25 Q3 26 -3.6% Comparable Adjusted EBITDA $90.6 $84.3 Q3 25 Q3 26 -7.0% Revenue $279.9 $238.6 Q3 25 Q3 26-14.8% Adjusted EBITDA $93.5 $84.3 Q3 25 Q3 26 -9.8%
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16 Free Cash Flow (in millions) Net Debt to Adjusted EBITDA (in millions) Balance Sheet and Cash Flow For the 12 Months Ended 9/30/2026 12/31/2025 Variance Net Debt $1,929.2 $1,392.5 $536.7 LTM Adjusted EBITDA $459.8 $431.5 $28.3 Net Debt to Adjusted EBITDA 4.2x 3.2x Net Debt to Adjusted EBITDA, including Celero and estimated synergies 3.8x For the Nine Months Ended 9/30/2026 09/30/2025 Variance Cash Provided by Operating Activities $215.9 $168.5 $47.4 Less Capital Expenditures (81.0) (72.6) (8.4) Free Cash Flow $134.9 $95.9 $39.0
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17 2026 Guidance Additional modeling assumptions: • Interest expense of approx $130 million • Adjusted tax rate of 26% • Depreciation & amortization of approx $170 million, of which acquisition amortization is $70 million • Average outstanding share count of 46.5 million shares • Capital expenditures of approx $110 million All figures are approximate, and remain subject to, among other things, prevailing macroeconomic conditions including potential tariff impacts, labor supply challenges, inflation, and the impact of other potential changes to the company's portfolio. Declared regular dividend of $0.30 per share
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Long-term Value Creation Algorithm 18
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Q & A
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20 Vice President, Strategy & Investor Relations Brian Anderson
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21 Upcoming Events
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22 Appendix
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23 Consolidated Condensed Statements of Income in millions, except per share amounts (Unaudited) Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue $553.9 $540.2 $1,591.2 $1,598.0 Cost of revenue (266.3) (249.1) (764.6) (746.6) Selling, general and administrative expense (226.2) (212.4) (637.8) (652.1) Restructuring and integration expense (8.7) (2.9) (13.8) (14.6) Gain on sale of businesses and long-lived assets — — 5.1 — Operating income 52.7 75.8 180.1 184.7 Interest expense (35.0) (30.5) (90.6) (92.8) Other income, net 2.0 1.9 6.9 6.2 Income before income taxes 19.7 47.2 96.4 98.1 Income tax provision (6.7) (13.5) (28.4) (27.9) Net income 13.0 33.7 68.0 70.2 Non-controlling interest — — (0.1) (0.1) Net income attributable to Deluxe $13.0 $33.7 $67.9 $70.1 Weighted-average dilutive shares outstanding 46.5 45.6 46.4 45.4 Diluted earnings per share $0.28 $0.74 $1.46 $1.54 Adjusted diluted earnings per share 1.06 1.09 2.99 2.71 Comparable adjusted diluted earnings per share 1.06 1.04 2.99 2.58 Depreciation and amortization expense 45.4 32.3 118.3 101.0 EBITDA 100.1 110.0 305.2 291.8 Adjusted EBITDA 127.1 118.9 353.8 325.5 Comparable adjusted EBITDA 127.1 116.0 353.8 317.7
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24 Segment Information in millions (Unaudited) Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue: Merchant Services $135.1 $98.0 $347.5 $297.2 B2B Payments 77.3 73.1 224.4 214.2 Data Solutions 102.9 89.2 282.6 234.3 Print 238.6 279.9 736.7 852.3 Total $553.9 $540.2 $1,591.2 $1,598.0 Comparable adjusted revenue $553.9 $507.9 $1,591.2 $1,518.7 Adjusted EBITDA: Merchant Services $32.1 $20.4 $83.9 $63.5 B2B Payments 22.5 16.8 58.0 45.8 Data Solutions 27.6 29.1 68.6 69.1 Print 84.3 93.5 256.0 274.7 Corporate (39.4) (40.9) (112.7) (127.6) Total $127.1 $118.9 $353.8 $325.5 Comparable adjusted EBITDA $127.1 $116.0 $353.8 $317.7 Adjusted EBITDA Margin: Merchant Services 23.8% 20.8% 24.1% 21.4% B2B Payments 29.1% 23.0% 25.8% 21.4% Data Solutions 26.8% 32.6% 24.3% 29.5% Print 35.3% 33.4% 34.7% 32.2% Total 22.9% 22.0% 22.2% 20.4% Comparable adjusted EBITDA 22.9% 22.8% 22.2% 20.9% The segment information reported here was calculated utilizing the methodology outlined in the Notes to Consolidated Financial Statements included in the company's Annual Report on Form 10-K for the year ended December 31, 2025.
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25 Reconciliation of GAAP to Non-GAAP Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin in millions (Unaudited) Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income $13.0 $33.7 $68.0 $70.2 Non-controlling interest — — (0.1) (0.1) Interest expense 35.0 30.5 90.6 92.8 Income tax provision 6.7 13.5 28.4 27.9 Depreciation and amortization expense 45.4 32.3 118.3 101.0 EBITDA 100.1 110.0 305.2 291.8 Acquisition transaction costs 9.8 — 15.4 — Restructuring and integration expense 8.9 2.9 14.6 15.6 Share-based compensation expense 6.5 6.0 19.7 17.6 Certain legal, environmental and other expense 1.8 — 4.0 0.5 Gain on sale of businesses and long-lived assets — — (5.1) — Adjusted EBITDA $127.1 $118.9 $353.8 $325.5 Adjusted EBITDA margin 22.9% 22.0% 22.2% 20.4%
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26 Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Q3 2026 dollars and shares in millions, except per share amounts (Unaudited) Q3 2026 GAAP Acquisition amortization Acquisition transaction costs Restructuring and integration expense Share-based compensation Certain legal, environmental and other expense Income tax impact of adjustments Q3 2026 Adjusted Revenue $553.9 $— $— $— $— $— $— $553.9 Cost of revenue (266.3) 4.0 — 0.2 0.2 — — (261.9) Selling, general and administrative expense (226.2) 16.4 9.8 — 6.3 1.8 — (191.9) Restructuring and integration expense (8.7) — — 8.7 — — — — Operating income 52.7 20.4 9.8 8.9 6.5 1.8 — 100.1 Interest expense (35.0) — — — — — — (35.0) Other income, net 2.0 — — — — — — 2.0 Income before income taxes 19.7 $20.4 $9.8 $8.9 $6.5 $1.8 — 67.1 Income tax provision (6.7) ($11.0) (17.7) Net income 13.0 49.4 Non-controlling interest — — Net income attributable to Deluxe $13.0 $49.4 Weighted-average dilutive shares 46.5 46.5 Diluted EPS $0.28 $1.06
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27 Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Q3 2025 dollars and shares in millions, except per share amounts (Unaudited) Q3 2025 GAAP Acquisition amortization Restructuring and integration expense Share-based compensation expense Income tax impact of adjustments Q3 2025 Adjusted Revenue $540.2 $— $— $— $— $540.2 Cost of revenue (249.1) 2.2 — 0.2 — (246.7) Selling, general and administrative expense (212.4) 8.4 — 5.8 — (198.2) Restructuring and integration expense (2.9) — 2.9 — — — Operating income 75.8 10.6 2.9 6.0 — 95.3 Interest expense (30.5) — — — — (30.5) Other income, net 1.9 — — — — 1.9 Income before income taxes 47.2 $10.6 $2.9 $6.0 — 66.7 Income tax provision (13.5) ($3.6) (17.1) Net income $33.7 $49.6 Business exits (2.2) Comparable adjusted net income $47.4 Weighted-average dilutive shares 45.6 45.6 Diluted EPS $0.74 $1.09 Comparable Adjusted Diluted EPS $1.04
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28 Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Sept YTD 2026 dollars and shares in millions, except per share amounts (Unaudited) Sept YTD 2026 GAAP Acquisition amortization Acquisition transaction costs Restructuring and integration expense Share-based compensation expense Certain legal, environmenta l and other expense Gain on sale of businesses/ assets Income tax impact of adjustments Sept YTD 2026 Adjusted Revenue $1,591.2 $— $— $— $— $— $— $— $1,591.2 Cost of revenue (764.6) 11.9 — 0.8 0.5 — — — (751.4) Selling, general and administrative expense (637.8) 29.3 15.4 — 19.2 4.0 — — (569.9) Restructuring and integration expense (13.8) — — 13.8 — — — — — Gain on sale of businesses and long- lived assets 5.1 — — — — — (5.1) — — Operating income 180.1 41.2 15.4 14.6 19.7 4.0 (5.1) — 269.9 Interest expense (90.6) — — — — — — — (90.6) Other income, net 6.9 — — — — — — — 6.9 Income before income taxes 96.4 $41.2 $15.4 $14.6 $19.7 $4.0 ($5.1) — 186.2 Income tax provision (28.4) ($19.2) (47.6) Net income 68.0 $138.6 Non-controlling interest (0.1) (0.1) Net income attributable to Deluxe $67.9 $138.5 Weighted-average dilutive shares 46.4 46.4 Diluted EPS $1.46 $2.99
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29 Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Sept YTD 2025 dollars and shares in millions, except per share amounts (Unaudited) Sept YTD 2025 GAAP Acquisition amortization Restructuring and integration expense Share-based compensation expense Certain legal, environmental and other expense Income tax impact of adjustments Sept YTD 2025 Adjusted Revenue $1,598.0 $— $— $— $— $— $1,598.0 Cost of revenue (746.6) 6.6 1.0 0.6 — — (738.4) Selling, general and administrative expense (652.1) 27.2 — 17.0 0.5 — (607.4) Restructuring and integration expense (14.6) — 14.6 — — — — Operating income 184.7 33.8 15.6 17.6 0.5 — 252.2 Interest expense (92.8) — — — — — (92.8) Other income, net 6.2 — — — — — 6.2 Income before income taxes 98.1 $33.8 $15.6 $17.6 $0.5 — 165.6 Income tax provision (27.9) ($14.5) (42.4) Net income 70.2 123.2 Non-controlling interest (0.1) (0.1) Net income attributable to Deluxe $70.1 $123.1 Business exits (5.8) Comparable adjusted net income attributable to Deluxe $117.2 Weighted-average dilutive shares 45.4 45.4 Diluted EPS $1.54 $2.71 Comparable Adjusted Diluted EPS $2.58
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30 Reconciliation of GAAP to Non-GAAP Measures Comparable Adjusted Revenue / Comparable Adjusted EBITDA / Comparable Adjusted EBITDA Margin in millions (Unaudited) Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Total Company: Revenue $553.9 $540.2 $1,591.2 $1,598.0 Less: Business exit — (32.3) — (79.3) Comparable adjusted revenue $553.9 $507.9 $1,591.2 $1,518.7 Total Company: Adjusted EBITDA(1) $127.1 $118.9 $353.8 $325.5 Less: Business exit — (2.9) — (7.8) Comparable adjusted EBITDA $127.1 $116.0 $353.8 $317.7 Comparable adjusted EBITDA margin 22.9% 22.8% 22.2% 20.9% (1) The reconciliation of net income to consolidated adjusted EBITDA is provided on a previous slide.
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31 Reconciliation of GAAP to Non-GAAP Measures Q3 2026 Celero Revenue in millions (Unaudited) Quarter Ended September 30, 2026 2025 Total Payments and Data: Revenue $315.3 $260.3 Less: Celero revenue (33.5) — Revenue excluding Celero $281.8 $260.3 Revenue growth excluding Celero 8.3% Merchant Services: Revenue $135.1 $98.0 Less: Celero revenue (33.5) — Revenue excluding Celero $101.6 $98.0 Revenue growth excluding Celero 3.7%
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32 Reconciliation of GAAP to Non-GAAP Measures Print Segment Comparable Adjusted Revenue / Comparable Adjusted EBITDA / Comparable Adjusted EBITDA Margin in millions (Unaudited) Quarter Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Print Segment: Revenue $238.6 $279.9 $736.7 $852.3 Less: Business exit — (32.3) — (79.3) Comparable adjusted revenue $238.6 $247.6 $736.7 $773.0 Print Segment: Adjusted EBITDA $84.3 $93.5 $256.0 $274.7 Less: Business exit — (2.9) — (7.8) Comparable adjusted EBITDA $84.3 $90.6 $256.0 $266.9 Comparable adjusted EBITDA margin 35.3% 36.6% 34.7% 34.5% Print Segment: Check revenue $163.0 $173.0 $494.4 $521.9 Less: Business exit — (4.1) — (11.1) Comparable adjusted Check revenue $163.0 $168.9 $494.4 $510.8 Comparable adjusted Check revenue decline (3.5%) (3.2%) Other Print revenue $75.6 $106.9 $242.3 $330.4 Less: Business exit — (28.2) — (68.2) Comparable adjusted Other Print revenue $75.6 $78.7 $242.3 $262.2 Comparable adjusted Other Print revenue decline (3.9%) (7.6%)
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33 Reconciliation of GAAP to Non-GAAP Measures Comparable Adjusted Revenue / Comparable Adjusted EBITDA / Comparable Adjusted EPS Outlook (Unaudited) Full Year 2026 Outlook 2025 Actual (in billions) Revenue $2.130 - $2.150 $2.133 Less: Business exit(1) — (0.115) Less: Celero (0.09) — Adjusted revenue $2.045 - $2.060 $2.018 Adjusted revenue growth % 1% - 2% (1) The comparable adjusted measures exclude the results of the Safeguard small business distributor channel in the Print segment, which was sold in March 2026. These measures reflect management’s estimates prepared in connection with the divestiture and are subject to refinement as actual information becomes available. The company has not reconciled the adjusted EBITDA, adjusted diluted EPS, adjusted income tax rate, or free cash flow outlook for 2026 to the directly comparable GAAP financial measures because the company does not provide outlook guidance for the reconciling items between net income, adjusted net income, and adjusted EBITDA, and certain of these reconciling items impact cash flows from operating activities. Due to the substantial uncertainty and variability surrounding certain of these forward-looking reconciling items, including restructuring and integration expenses, gains and losses on sales of businesses and long-lived assets, and certain legal and environmental expenses, a reconciliation of the outlook for these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort. The probable significance of certain of these reconciling items is high and, based on historical experience, could be material. The reconciliations of consolidated adjusted EBITDA and adjusted diluted EPS for 2025 to the comparable GAAP financial measures can be found in the company's Annual Report on Form 10-K for the year ended December 31, 2025.
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34 Reconciliation of GAAP to Non-GAAP Measures Net Debt to Adjusted EBITDA dollars in millions (Unaudited) September 30, 2026 December 31, 2025 September 30, 2025 Total debt $2,004.1 $1,429.4 $1,470.6 Cash and cash equivalents (74.9) (36.9) (26.0) Net debt $1,929.2 $1,392.5 $1,444.6 12 Months Ended September 30, 2026 12 Months Ended December 31, 2025 12 Months Ended September 30, 2025 Net income $80.0 $82.2 $82.8 Non-controlling interest (0.1) (0.1) (0.1) Interest expense 119.8 122.0 125.2 Income tax provision 37.4 36.9 31.0 Depreciation and amortization expense 155.2 137.9 138.8 Share-based compensation 27.0 24.9 22.5 Restructuring and integration expense 19.5 20.5 29.1 Acquisition transaction costs 15.4 — — Asset impairment charges 5.7 5.7 1.0 Certain legal, environmental and other expense 5.0 1.5 0.6 Gain on sale of businesses and long-lived assets (5.1) — (2.0) Adjusted EBITDA $459.8 $431.5 $428.9 Celero results, including estimated synergies ≈ 54.0 Adjusted EBITDA including Celero and estimated synergies $513.8 NET DEBT TO ADJUSTED EBITDA 4.2 3.2 3.3 NET DEBT TO ADJUSTED EBITDA INCLUDING CELERO 3.8 TRAILING 12 MONTHS ADJUSTED EBITDA: The reconciliations of consolidated adjusted EBITDA and net debt to the comparable GAAP financial measures are included in the company's earnings releases furnished as exhibits to our Current Reports on Form 8-K for the respective periods.
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35 Reconciliation of GAAP to Non-GAAP Measures Free Cash Flow in millions (Unaudited) Nine Months Ended September 30, 2026 2025 Net cash provided by operating activities $215.9 $168.5 Purchases of capital assets (81.0) (72.6) Free cash flow $134.9 $95.9