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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to ___________
Commission file number: 1-7945
DELUXE CORPORATION
(Exact name of registrant as specified in its charter)

MN | 41-0216800
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)
801 S. Marquette Ave., Minneapolis, MN | 55402-2807
(Address of principal executive offices) | (Zip Code)

(651) 483-7111
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading symbol(s) | Name of each exchange on which registered
Common Stock, par value $1.00 per share | DLX | NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer | ☒ | Accelerated Filer | ☐
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐
|  | Emerging Growth Company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☒ No
The number of shares outstanding of registrant’s common stock as of October 31, 2025 was 45,007,664.
1

DELUXE CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2025
TABLE OF CONTENTS

Item |  | Page
Part I - FINANCIAL INFORMATION |  |
Item 1. |  | Consolidated Balance Sheets |  | 3
|  | Consolidated Statements of Comprehensive Income |  | 4
|  | Consolidated Statements of Shareholders' Equity |  | 5
|  | Consolidated Statements of Cash Flows |  | 7
|  | Condensed Notes to Unaudited Consolidated Financial Statements |  |
|  | Note 1: Consolidated Financial Statements |  | 8
|  | Note 2: New Accounting Pronouncements |  | 8
|  | Note 3: Supplemental Balance Sheet and Cash Flow Information |  | 9
|  | Note 4: Earnings per Share |  | 13
|  | Note 5: Other Comprehensive Income (Loss) |  | 14
|  | Note 6: Acquisition and Divestitures |  | 15
|  | Note 7: Fair Value Measurements |  | 15
|  | Note 8: Restructuring and Integration Expense |  | 16
|  | Note 9: Income Tax Provision |  | 17
|  | Note 10: Postretirement Benefits |  | 18
|  | Note 11: Debt |  | 18
|  | Note 12: Other Commitments and Contingencies |  | 20
|  | Note 13: Business Segment Information |  | 21
Item 2. |  | Management's Discussion and Analysis of Financial Condition and Results of Operations |  | 25
Item 3. |  | Quantitative and Qualitative Disclosures About Market Risk |  | 37
Item 4. |  | Controls and Procedures |  | 38
Part II - OTHER INFORMATION |  |
Item 1. |  | Legal Proceedings |  | 38
Item 1A. |  | Risk Factors |  | 38
Item 2. |  | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities |  | 38
Item 3. |  | Defaults Upon Senior Securities |  | 38
Item 4. |  | Mine Safety Disclosures |  | 38
Item 5. |  | Other Information |  | 39
Item 6. |  | Exhibits |  | 39
Signatures |  |  |  | 40

2

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

DELUXE CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands, except share par value) |  | September 30, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Current assets: |  |  |  |
Cash and cash equivalents |  | $ | 25,803 |  |  | $ | 34,399 |
Trade accounts receivable, net of allowance for credit losses |  | 189,933 |  |  | 174,076 |
Inventories and supplies, net of reserve |  | 33,910 |  |  | 36,393 |
Settlement processing assets |  | 34,938 |  |  | 271,876 |
Prepaid expenses |  | 37,320 |  |  | 32,751 |
Revenue in excess of billings |  | 35,189 |  |  | 26,741 |
Other current assets |  | 42,100 |  |  | 35,403 |
Total current assets |  | 399,193 |  |  | 611,639 |
Deferred income taxes |  | 4,248 |  |  | 6,969 |
Long-term investments |  | 55,713 |  |  | 61,025 |
Property, plant and equipment, net of accumulated depreciation of $371,460 and $354,832, respectively |  | 103,131 |  |  | 111,587 |
Operating lease assets |  | 43,004 |  |  | 49,382 |
Intangibles, net of accumulated amortization of $697,431 and $616,817, respectively |  | 333,021 |  |  | 331,053 |
Goodwill |  | 1,422,778 |  |  | 1,422,737 |
Other non-current assets |  | 226,310 |  |  | 236,644 |
Total assets |  | $ | 2,587,398 |  |  | $ | 2,831,036 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |
Current liabilities: |  |  |  |
Accounts payable |  | $ | 155,241 |  |  | $ | 164,878 |
Settlement processing obligations |  | 36,262 |  |  | 273,915 |
Accrued liabilities |  | 173,726 |  |  | 149,593 |
Current portion of long-term debt |  | 37,215 |  |  | 37,130 |
Total current liabilities |  | 402,444 |  |  | 625,516 |
Long-term debt |  | 1,412,570 |  |  | 1,466,021 |
Operating lease liabilities |  | 40,233 |  |  | 48,982 |
Deferred income taxes |  | 15,355 |  |  | 2,104 |
Other non-current liabilities |  | 52,650 |  |  | 67,495 |
Commitments and contingencies (Note 12) |  |  |  |
Shareholders' equity: |  |  |  |
Common shares $1 par value (authorized: 500,000 shares; outstanding: September 30, 2025 – 44,965; December 31, 2024 – 44,315) |  | 44,965 |  |  | 44,315 |
Additional paid-in capital |  | 130,555 |  |  | 117,122 |
Retained earnings |  | 517,828 |  |  | 489,231 |
Accumulated other comprehensive loss |  | (29,477) |  |  | (29,916) |
Non-controlling interest |  | 275 |  |  | 166 |
Total shareholders’ equity |  | 664,146 |  |  | 620,918 |
Total liabilities and shareholders’ equity |  | $ | 2,587,398 |  |  | $ | 2,831,036 |

See Condensed Notes to Unaudited Consolidated Financial Statements
3

DELUXE CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except per share amounts) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Product revenue |  | $ | 280,797 |  |  | $ | 298,693 |  |  | $ | 850,470 |  |  | $ | 908,230 |
Service revenue |  | 259,450 |  |  | 229,751 |  |  | 747,510 |  |  | 692,985 |
Total revenue |  | 540,247 |  |  | 528,444 |  |  | 1,597,980 |  |  | 1,601,215 |
Cost of products |  | (103,577) |  |  | (109,090) |  |  | (317,954) |  |  | (338,595) |
Cost of services |  | (145,561) |  |  | (137,487) |  |  | (428,606) |  |  | (408,425) |
Total cost of revenue |  | (249,138) |  |  | (246,577) |  |  | (746,560) |  |  | (747,020) |
Gross profit |  | 291,109 |  |  | 281,867 |  |  | 851,420 |  |  | 854,195 |
Selling, general and administrative expense |  | (212,364) |  |  | (227,764) |  |  | (652,102) |  |  | (695,677) |
Restructuring and integration expense |  | (2,910) |  |  | (11,031) |  |  | (14,625) |  |  | (35,899) |
Asset impairment charge |  | — |  |  | (6,700) |  |  | — |  |  | (6,700) |
Gain on sale of businesses and long-lived assets |  | — |  |  | 5,208 |  |  | — |  |  | 29,190 |
Operating income |  | 75,835 |  |  | 41,580 |  |  | 184,693 |  |  | 145,109 |
Interest expense |  | (30,529) |  |  | (29,905) |  |  | (92,739) |  |  | (90,910) |
Other income, net |  | 1,905 |  |  | 1,834 |  |  | 6,196 |  |  | 6,560 |
Income before income taxes |  | 47,211 |  |  | 13,509 |  |  | 98,150 |  |  | 60,759 |
Income tax provision |  | (13,445) |  |  | (4,540) |  |  | (27,915) |  |  | (20,463) |
Net income |  | 33,766 |  |  | 8,969 |  |  | 70,235 |  |  | 40,296 |
Net income attributable to non-controlling interest |  | (37) |  |  | (38) |  |  | (109) |  |  | (103) |
Net income attributable to Deluxe |  | $ | 33,729 |  |  | $ | 8,931 |  |  | $ | 70,126 |  |  | $ | 40,193 |
Total comprehensive income |  | $ | 33,236 |  |  | $ | 1,017 |  |  | $ | 70,674 |  |  | $ | 36,472 |
Comprehensive income attributable to Deluxe |  | 33,199 |  |  | 979 |  |  | 70,565 |  |  | 36,369 |
Basic earnings per share |  | 0.75 |  |  | 0.20 |  |  | 1.57 |  |  | 0.91 |
Diluted earnings per share |  | 0.74 |  |  | 0.20 |  |  | 1.54 |  |  | 0.90 |

See Condensed Notes to Unaudited Consolidated Financial Statements
4

DELUXE CORPORATION CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited)

(in thousands) |  | Common shares |  | Common shares par value |  | Additional paid-in capital |  | Retained earnings |  | Accumulated other comprehensive loss |  | Non-controlling interest |  | Total
Balance, June 30, 2025 |  | 44,885 |  |  | $ | 44,885 |  |  | $ | 124,364 |  |  | $ | 498,128 |  |  | $ | (28,947) |  |  | $ | 238 |  |  | $ | 638,668 |
Net income |  | — |  |  | — |  |  | — |  |  | 33,729 |  |  | — |  |  | 37 |  |  | 33,766 |
Cash dividends ($0.30 per share) |  | — |  |  | — |  |  | — |  |  | (14,029) |  |  | — |  |  | — |  |  | (14,029) |
Common shares issued, net of tax withholding |  | 80 |  |  | 80 |  |  | 266 |  |  | — |  |  | — |  |  | — |  |  | 346 |
Employee share-based compensation |  | — |  |  | — |  |  | 5,925 |  |  | — |  |  | — |  |  | — |  |  | 5,925 |
Other comprehensive loss |  | — |  |  | — |  |  | — |  |  | — |  |  | (530) |  |  | — |  |  | (530) |
Balance, September 30, 2025 |  | 44,965 |  |  | $ | 44,965 |  |  | $ | 130,555 |  |  | $ | 517,828 |  |  | $ | (29,477) |  |  | $ | 275 |  |  | $ | 664,146 |

(in thousands) |  | Common shares |  | Common shares par value |  | Additional paid-in capital |  | Retained earnings |  | Accumulated other comprehensive loss |  | Non-controlling interest |  | Total
Balance, June 30, 2024 |  | 44,210 |  |  | $ | 44,210 |  |  | $ | 106,466 |  |  | $ | 495,113 |  |  | $ | (25,900) |  |  | $ | 587 |  |  | $ | 620,476 |
Net income |  | — |  |  | — |  |  | — |  |  | 8,931 |  |  | — |  |  | 38 |  |  | 8,969 |
Cash dividends ($0.30 per share) |  | — |  |  | — |  |  | — |  |  | (13,584) |  |  | — |  |  | — |  |  | (13,584) |
Common shares issued, net of tax withholding |  | 62 |  |  | 62 |  |  | 366 |  |  | — |  |  | — |  |  | — |  |  | 428 |
Employee share-based compensation |  | — |  |  | — |  |  | 4,847 |  |  | — |  |  | — |  |  | — |  |  | 4,847 |
Other comprehensive loss |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,952) |  |  | — |  |  | (7,952) |
Dividend paid to non-controlling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (499) |  |  | (499) |
Balance, September 30, 2024 |  | 44,272 |  |  | $ | 44,272 |  |  | $ | 111,679 |  |  | $ | 490,460 |  |  | $ | (33,852) |  |  | $ | 126 |  |  | $ | 612,685 |

See Condensed Notes to Unaudited Consolidated Financial Statements
5

DELUXE CORPORATION CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (continued) (unaudited)

(in thousands) |  | Common shares |  | Common shares par value |  | Additional paid-in capital |  | Retained earnings |  | Accumulated other comprehensive loss |  | Non-controlling interest |  | Total
Balance, December 31, 2024 |  | 44,315 |  |  | $ | 44,315 |  |  | $ | 117,122 |  |  | $ | 489,231 |  |  | $ | (29,916) |  |  | $ | 166 |  |  | $ | 620,918 |
Net income |  | — |  |  | — |  |  | — |  |  | 70,126 |  |  | — |  |  | 109 |  |  | 70,235 |
Cash dividends ($0.90 per share) |  | — |  |  | — |  |  | — |  |  | (41,529) |  |  | — |  |  | — |  |  | (41,529) |
Common shares issued, net of tax withholding |  | 650 |  |  | 650 |  |  | (4,209) |  |  | — |  |  | — |  |  | — |  |  | (3,559) |
Employee share-based compensation |  | — |  |  | — |  |  | 17,642 |  |  | — |  |  | — |  |  | — |  |  | 17,642 |
Other comprehensive income |  | — |  |  | — |  |  | — |  |  | — |  |  | 439 |  |  | — |  |  | 439 |
Balance, September 30, 2025 |  | 44,965 |  |  | $ | 44,965 |  |  | $ | 130,555 |  |  | $ | 517,828 |  |  | $ | (29,477) |  |  | $ | 275 |  |  | $ | 664,146 |

(in thousands) |  | Common shares |  | Common shares par value |  | Additional paid-in capital |  | Retained earnings |  | Accumulated other comprehensive loss |  | Non-controlling interest |  | Total
Balance, December 31, 2023 |  | 43,743 |  |  | $ | 43,743 |  |  | $ | 99,141 |  |  | $ | 491,238 |  |  | $ | (30,028) |  |  | $ | 522 |  |  | $ | 604,616 |
Net income |  | — |  |  | — |  |  | — |  |  | 40,193 |  |  | — |  |  | 103 |  |  | 40,296 |
Cash dividends ($0.90 per share) |  | — |  |  | — |  |  | — |  |  | (40,971) |  |  | — |  |  | — |  |  | (40,971) |
Common shares issued, net of tax withholding |  | 529 |  |  | 529 |  |  | (2,480) |  |  | — |  |  | — |  |  | — |  |  | (1,951) |
Employee share-based compensation |  | — |  |  | — |  |  | 15,018 |  |  | — |  |  | — |  |  | — |  |  | 15,018 |
Other comprehensive loss |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,824) |  |  | — |  |  | (3,824) |
Dividend paid to non-controlling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (499) |  |  | (499) |
Balance, September 30, 2024 |  | 44,272 |  |  | $ | 44,272 |  |  | $ | 111,679 |  |  | $ | 490,460 |  |  | $ | (33,852) |  |  | $ | 126 |  |  | $ | 612,685 |

See Condensed Notes to Unaudited Consolidated Financial Statements
6

DELUXE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

|  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024
Cash flows from operating activities: |  |  |  |
Net income |  | $ | 70,235 |  |  | $ | 40,296 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
Depreciation |  | 16,792 |  |  | 16,026 |
Amortization of intangibles |  | 84,216 |  |  | 111,690 |
Asset impairment charge |  | — |  |  | 6,700 |
Amortization of prepaid product discounts |  | 24,490 |  |  | 24,844 |
Employee share-based compensation expense |  | 17,591 |  |  | 14,972 |
Operating lease expense |  | 10,936 |  |  | 14,011 |
Amortization of cloud computing arrangement implementation costs |  | 11,846 |  |  | 12,362 |
Gain on sale of businesses and long-lived assets |  | — |  |  | (29,190) |
Deferred income taxes |  | 16,127 |  |  | (17,808) |
Other non-cash items, net |  | 16,478 |  |  | 31,146 |
Changes in assets and liabilities: |  |  |  |
Trade accounts receivable |  | (20,726) |  |  | 6,593 |
Inventories and supplies |  | 2,556 |  |  | (877) |
Other current and non-current assets |  | (19,511) |  |  | (34,056) |
Accounts payable |  | (8,674) |  |  | 8,721 |
Prepaid product discount payments |  | (22,933) |  |  | (22,945) |
Other accrued and non-current liabilities |  | (30,902) |  |  | (48,363) |
Net cash provided by operating activities |  | 168,521 |  |  | 134,122 |
Cash flows from investing activities: |  |  |  |
Payment for acquisition |  | (12,100) |  |  | — |
Purchases of capital assets |  | (72,556) |  |  | (69,777) |
Proceeds from sale of businesses and long-lived assets |  | 1,968 |  |  | 18,321 |
Other |  | 6,667 |  |  | 133 |
Net cash used by investing activities |  | (76,021) |  |  | (51,323) |
Cash flows from financing activities: |  |  |  |
Proceeds from issuing long-term debt and swingline loans, net of debt issuance costs |  | 312,793 |  |  | 630,784 |
Payments on long-term debt and swingline loans |  | (368,919) |  |  | (695,295) |
Net change in settlement processing obligations |  | (235,940) |  |  | (338,955) |
Cash dividends paid to shareholders |  | (41,634) |  |  | (40,826) |
Other |  | (5,558) |  |  | (7,789) |
Net cash used by financing activities |  | (339,258) |  |  | (452,081) |
Effect of exchange rate change on cash, cash equivalents, restricted cash, and restricted cash equivalents |  | 1,230 |  |  | (3,156) |
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents |  | (245,528) |  |  | (372,438) |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of year |  | 309,153 |  |  | 458,033 |
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period (Note 3) |  | $ | 63,625 |  |  | $ | 85,595 |

See Condensed Notes to Unaudited Consolidated Financial Statements
7

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

NOTE 1: CONSOLIDATED FINANCIAL STATEMENTS

The consolidated balance sheet as of September 30, 2025, the consolidated statements of comprehensive income for the quarters and nine months ended September 30, 2025 and 2024, the consolidated statements of shareholders’ equity for the quarters and nine months ended September 30, 2025 and 2024, and the consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024 are unaudited. The consolidated balance sheet as of December 31, 2024 was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles (GAAP). In the opinion of management, all adjustments necessary for a fair statement of the consolidated financial statements are included. Adjustments consist only of normal recurring items, except for any items discussed in the notes below. Interim results are not necessarily indicative of results for a full year or future results. The consolidated financial statements and notes are presented in accordance with instructions for Form 10-Q and do not contain certain information included in our annual consolidated financial statements and notes. The consolidated financial statements and notes appearing in this report should be read in conjunction with the consolidated audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K").
The process of preparing our consolidated financial statements involves making various estimates and assumptions that impact the reported amounts in the consolidated financial statements and accompanying notes. These estimates are derived from our historical experience and other relevant factors and assumptions that we consider reasonable. These factors and assumptions form the foundation for our judgments regarding the carrying values of our assets, liabilities, revenues, and expenses, as well as the disclosure of contingent assets and liabilities. It is important to note that actual results may vary significantly from these estimates and assumptions.
Comparability – The consolidated statement of cash flows for the nine months ended September 30, 2024 has been modified to conform to the current year presentation. Within net cash provided by operating activities, the immaterial payments for cloud computing arrangement implementation costs are no longer presented separately. Instead, they are included in other current and non-current assets.

NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS

ASU 2023-09 – In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Improvements to Income Tax Disclosures. This standard modifies the required income tax disclosures to include specific categories in the income tax rate reconciliation and requires the disclosure of income tax payments by jurisdiction, among other changes. The guidance is effective for our annual consolidated financial statements for the year ending December 31, 2025. Both prospective and retrospective application of the standard is permitted upon adoption. We are currently evaluating the potential effects of adopting this new guidance on the disclosures within our consolidated financial statements.
ASU 2024-03 – In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This standard does not change the expense captions presented on the face of the income statement. Instead, it requires the disaggregation of certain expense captions into specified categories within the footnotes to the consolidated financial statements. This standard is effective for our annual consolidated financial statements for the year ending December 31, 2027. Both prospective and retrospective application of the standard is permitted upon adoption. We are currently evaluating the potential effects of adopting this new guidance on the disclosures within our consolidated financial statements.
ASU 2025-05 – In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. This standard introduces a practical expedient that companies can choose to apply when determining allowances for credit losses. Specifically, it permits companies to assume that the current conditions as of the balance sheet date remain unchanged throughout the remaining life of the assets. We plan to adopt this standard on January 1, 2026, and it will be applied prospectively. We do not expect that adoption of this standard will have a material impact on our consolidated financial statements.
ASU 2025-06 – In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This standard revises the existing guidance that refers to the various stages of a software development project to align better with current software development methods, such as agile programming. Under the new standard, companies will begin capitalizing eligible costs when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for us on January 1, 2028 and allows companies to choose from three transition methods. We are currently assessing how adoption of this standard will affect our consolidated financial statements.
8

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

NOTE 3: SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION

Trade accounts receivable – Net trade accounts receivable was comprised of the following:

(in thousands) |  | September 30, 2025 |  | December 31, 2024
Trade accounts receivable – gross(1) |  | $ | 199,497 |  |  | $ | 183,196 |
Allowance for credit losses |  | (9,564) |  |  | (9,120) |
Trade accounts receivable – net |  | $ | 189,933 |  |  | $ | 174,076 |

(1) Includes unbilled receivables of $62,011 as of September 30, 2025 and $47,341 as of December 31, 2024.
Changes in the allowance for credit losses for the nine months ended September 30, 2025 and September 30, 2024 were as follows:

|  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024
Balance, beginning of year |  | $ | 9,120 |  |  | $ | 6,541 |
Bad debt expense |  | 4,980 |  |  | 12,040 |
Write-offs and other |  | (4,536) |  |  | (7,375) |
Balance, end of period |  | $ | 9,564 |  |  | $ | 11,206 |

Inventories and supplies – Inventories and supplies were comprised of the following:

(in thousands) |  | September 30, 2025 |  | December 31, 2024
Finished and semi-finished goods |  | $ | 27,649 |  |  | $ | 31,146 |
Raw materials and supplies |  | 17,767 |  |  | 16,787 |
Reserve for excess and obsolete items |  | (11,506) |  |  | (11,540) |
Inventories and supplies, net of reserve |  | $ | 33,910 |  |  | $ | 36,393 |

Revenue in excess of billings – Revenue in excess of billings was comprised of the following:

(in thousands) |  | September 30, 2025 |  | December 31, 2024
Conditional right to receive consideration |  | $ | 21,239 |  |  | $ | 16,943 |
Unconditional right to receive consideration(1) |  | 13,950 |  |  | 9,798 |
Revenue in excess of billings |  | $ | 35,189 |  |  | $ | 26,741 |

(1) Represents revenues that are earned but not currently billable under the related contract terms.
9

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

Intangibles – Intangibles were comprised of the following:

|  | September 30, 2025 |  | December 31, 2024
(in thousands) |  | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount |  | Gross carrying amount |  | Accumulated amortization |  | Net carrying amount
Internal-use software |  | $ | 549,266 |  |  | $ | (389,246) |  |  | $ | 160,020 |  |  | $ | 488,840 |  |  | $ | (339,683) |  |  | $ | 149,157 |
Customer lists/relationships |  | 319,586 |  |  | (244,551) |  |  | 75,035 |  |  | 311,578 |  |  | (223,272) |  |  | 88,306 |
Partner relationships |  | 76,300 |  |  | (22,621) |  |  | 53,679 |  |  | 76,252 |  |  | (19,632) |  |  | 56,620 |
Technology-based intangibles |  | 65,000 |  |  | (35,208) |  |  | 29,792 |  |  | 65,000 |  |  | (29,115) |  |  | 35,885 |
Other |  | 20,300 |  |  | (5,805) |  |  | 14,495 |  |  | 6,200 |  |  | (5,115) |  |  | 1,085 |
Intangibles |  | $ | 1,030,452 |  |  | $ | (697,431) |  |  | $ | 333,021 |  |  | $ | 947,870 |  |  | $ | (616,817) |  |  | $ | 331,053 |

Amortization of intangibles was $26,641 for the quarter ended September 30, 2025, $38,626 for the quarter ended September 30, 2024, $84,216 for the nine months ended September 30, 2025, and $111,690 for the nine months ended September 30, 2024. During the quarter ended June 30, 2024, we modified the useful life of a trade name asset that we retired in the fourth quarter of 2024. This change resulted in incremental amortization expense of $6,674 during the quarter ended September 30, 2024 and $13,349 during the nine months ended September 30, 2024.
Based on the intangibles in service as of September 30, 2025, estimated future amortization expense is as follows:

(in thousands) |  | Estimated amortization expense
Remainder of 2025 |  | $ | 27,027 |
2026 |  | 81,861 |
2027 |  | 53,680 |
2028 |  | 32,329 |
2029 |  | 19,021 |

In the normal course of business, we acquire and develop internal-use software. During the nine months ended September 30, 2025, we acquired or developed internal-use software of $59,450 with a weighted-average useful life of 3 years. During the quarter ended September 30, 2025, we also acquired certain assets of JPMorgan Chase Bank’s CheckMatch electronic check conveyance service business. Further information regarding the assets acquired can be found in Note 6. We also, at times, purchase small business distributor customer lists and partner relationship assets, though such purchases were not material during the nine months ended September 30, 2025.
Goodwill – Changes in goodwill by reportable segment and in total were as follows for the nine months ended September 30, 2025:

(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions(1) |  | Print(1) |  | Total
Balance, December 31, 2024 |  | $ | 727,688 |  |  | $ | 160,431 |  |  | $ | 40,804 |  |  | $ | 493,814 |  |  | $ | 1,422,737 |
Currency translation adjustment |  | — |  |  | — |  |  | — |  |  | 41 |  |  | 41 |
Balance, September 30, 2025 |  | $ | 727,688 |  |  | $ | 160,431 |  |  | $ | 40,804 |  |  | $ | 493,855 |  |  | $ | 1,422,778 |

(1) The Data Solutions and Print balances are net of accumulated impairment charges of $145,584 and $193,699, respectively, for each period.
10

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

Other non-current assets – Other non-current assets were comprised of the following:

(in thousands) |  | September 30, 2025 |  | December 31, 2024
Postretirement benefit plan asset |  | $ | 113,174 |  |  | $ | 107,524 |
Prepaid product discounts(1) |  | 32,750 |  |  | 32,847 |
Cloud computing arrangement implementation costs |  | 32,290 |  |  | 42,470 |
Deferred contract acquisition costs(2) |  | 17,775 |  |  | 18,780 |
Loans and notes receivable from distributors, net of allowance for credit losses(3) |  | 9,408 |  |  | 10,789 |
Other |  | 20,913 |  |  | 24,234 |
Other non-current assets |  | $ | 226,310 |  |  | $ | 236,644 |

(1) Amortization of prepaid product discounts was $24,490 for the nine months ended September 30, 2025 and $24,844 for the nine months ended September 30, 2024.
(2) Amortization of deferred contract acquisition costs was $8,832 for the nine months ended September 30, 2025 and $9,445 for the nine months ended September 30, 2024.
(3) Amount includes the non-current portion of loans and notes receivable. The current portion of these receivables is included in other current assets on the consolidated balance sheets and was $1,640 as of September 30, 2025 and $1,753 as of December 31, 2024. The allowance for credit losses was not material in either period.
We categorize loans and notes receivable into risk categories based on information about the ability of borrowers to service their debt, including current financial information, historical payment experience, current economic trends, and other factors. The highest quality receivables are assigned a 1-2 internal grade. Those that have a potential weakness requiring management's attention are assigned a 3-4 internal grade. Past due receivables and those on non-accrual status were not material as of September 30, 2025 or December 31, 2024.
The following table presents loans and notes receivable from distributors, including the current portion, by credit quality indicator and by year of origination, as of September 30, 2025. There were no write-offs or recoveries recorded during the nine months ended September 30, 2025.

|  | Loans and notes receivable from distributors amortized cost basis by origination year |  |
(in thousands) |  | 2024 |  | 2023 |  | 2020 |  | Prior |  | Total
Risk rating: |  |  |  |  |  |  |  |  |  |
1-2 internal grade |  | $ | 842 |  |  | $ | 282 |  |  | $ | 757 |  |  | $ | 9,899 |  |  | $ | 11,780 |
3-4 internal grade |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Loans and notes receivable |  | $ | 842 |  |  | $ | 282 |  |  | $ | 757 |  |  | $ | 9,899 |  |  | $ | 11,780 |

11

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

Accrued liabilities – Accrued liabilities were comprised of the following:

(in thousands) |  | September 30, 2025 |  | December 31, 2024
Employee cash bonuses, including sales incentives |  | $ | 34,953 |  |  | $ | 33,422 |
Deferred revenue(1) |  | 27,419 |  |  | 31,605 |
Interest |  | 14,420 |  |  | 9,493 |
Customer rebates |  | 13,997 |  |  | 10,100 |
Consideration payable for asset purchases |  | 13,058 |  |  | 618 |
Operating lease liabilities |  | 12,006 |  |  | 12,406 |
Wages and payroll liabilities, including vacation |  | 7,796 |  |  | 10,321 |
Prepaid product discounts |  | 3,973 |  |  | 2,583 |
Restructuring and integration (Note 8) |  | 3,889 |  |  | 3,755 |
Other |  | 42,215 |  |  | 35,290 |
Accrued liabilities |  | $ | 173,726 |  |  | $ | 149,593 |

(1) Revenue recognized for amounts included in deferred revenue at the beginning of the period was $25,828 for the nine months ended September 30, 2025 and $30,707 for the nine months ended September 30, 2024.
Supplemental cash flow information – The reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the consolidated statements of cash flows was as follows:

(in thousands) |  | September 30, 2025 |  | September 30, 2024
Cash and cash equivalents |  | $ | 25,803 |  |  | $ | 41,307 |
Restricted cash and restricted cash equivalents included in settlement processing assets |  | 34,938 |  |  | 41,258 |
Non-current restricted cash included in other non-current assets |  | 2,884 |  |  | 3,030 |
Total cash, cash equivalents, restricted cash, and restricted cash equivalents |  | $ | 63,625 |  |  | $ | 85,595 |

12

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

NOTE 4: EARNINGS PER SHARE

The following table reflects the calculation of basic and diluted earnings per share. During each period, certain share-based awards, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive.

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except per share amounts) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Earnings per share – basic: |  |  |  |  |  |  |  |
Net income |  | $ | 33,766 |  |  | $ | 8,969 |  |  | $ | 70,235 |  |  | $ | 40,296 |
Net income attributable to non-controlling interest |  | (37) |  |  | (38) |  |  | (109) |  |  | (103) |
Net income attributable to Deluxe |  | 33,729 |  |  | 8,931 |  |  | 70,126 |  |  | 40,193 |
Income allocated to participating securities |  | — |  |  | (3) |  |  | (3) |  |  | (15) |
Income attributable to Deluxe available to common shareholders |  | $ | 33,729 |  |  | $ | 8,928 |  |  | $ | 70,123 |  |  | $ | 40,178 |
Weighted-average shares outstanding |  | 44,936 |  |  | 44,250 |  |  | 44,769 |  |  | 44,106 |
Earnings per share – basic |  | $ | 0.75 |  |  | $ | 0.20 |  |  | $ | 1.57 |  |  | $ | 0.91 |
Earnings per share – diluted: |  |  |  |  |  |  |  |
Net income |  | $ | 33,766 |  |  | $ | 8,969 |  |  | $ | 70,235 |  |  | $ | 40,296 |
Net income attributable to non-controlling interest |  | (37) |  |  | (38) |  |  | (109) |  |  | (103) |
Net income attributable to Deluxe |  | 33,729 |  |  | 8,931 |  |  | 70,126 |  |  | 40,193 |
Income allocated to participating securities |  | — |  |  | (3) |  |  | (3) |  |  | (12) |
Re-measurement of share-based awards classified as liabilities |  | — |  |  | (7) |  |  | (65) |  |  | (45) |
Income attributable to Deluxe available to common shareholders |  | $ | 33,729 |  |  | $ | 8,921 |  |  | $ | 70,058 |  |  | $ | 40,136 |
Weighted-average shares outstanding |  | 44,936 |  |  | 44,250 |  |  | 44,769 |  |  | 44,106 |
Dilutive impact of potential common shares |  | 660 |  |  | 556 |  |  | 585 |  |  | 550 |
Weighted-average shares and potential common shares outstanding |  | 45,596 |  |  | 44,806 |  |  | 45,354 |  |  | 44,656 |
Earnings per share – diluted |  | $ | 0.74 |  |  | $ | 0.20 |  |  | $ | 1.54 |  |  | $ | 0.90 |
Antidilutive potential common shares excluded from calculation |  | 1,136 |  |  | 1,205 |  |  | 1,136 |  |  | 1,205 |

13

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

NOTE 5: OTHER COMPREHENSIVE INCOME (LOSS)

Reclassification adjustments – Information regarding amounts reclassified from accumulated other comprehensive loss to net income was as follows:

Accumulated other comprehensive loss components |  | Amounts reclassified from accumulated other comprehensive loss |  | Affected line item in consolidated statements of comprehensive income
|  | Quarter Ended September 30, |  | Nine Months Ended September 30, |  |
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Amortization of postretirement benefit plan items: |  |  |  |  |  |  |  |  |  |
Prior service credit |  | $ | 355 |  |  | $ | 355 |  |  | $ | 1,066 |  |  | $ | 1,066 |  |  | Other income, net
Net actuarial loss |  | (212) |  |  | (334) |  |  | (636) |  |  | (1,001) |  |  | Other income, net
Total amortization |  | 143 |  |  | 21 |  |  | 430 |  |  | 65 |  |  | Other income, net
Tax expense |  | (74) |  |  | (44) |  |  | (226) |  |  | (133) |  |  | Income tax provision
Amortization of postretirement benefit plan items, net of tax |  | 69 |  |  | (23) |  |  | 204 |  |  | (68) |  |  | Net income
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Realized gain on cash flow hedges |  | — |  |  | 830 |  |  | — |  |  | 2,640 |  |  | Interest expense
Tax expense |  | — |  |  | (223) |  |  | — |  |  | (712) |  |  | Income tax provision
Realized gain on cash flow hedges, net of tax |  | — |  |  | 607 |  |  | — |  |  | 1,928 |  |  | Net income
Total reclassifications, net of tax |  | $ | 69 |  |  | $ | 584 |  |  | $ | 204 |  |  | $ | 1,860 |  |  |

Accumulated other comprehensive loss – Changes in the components of accumulated other comprehensive loss for the nine months ended September 30, 2025 and September 30, 2024 were as follows:

(in thousands) |  | Postretirement benefit plans |  | Currency translation adjustment |  | Accumulated other comprehensive loss
Balance, December 31, 2024 |  | $ | (16,566) |  |  | $ | (13,350) |  |  | $ | (29,916) |
Other comprehensive income before reclassifications |  | — |  |  | 643 |  |  | 643 |
Amounts reclassified from accumulated other comprehensive loss |  | (204) |  |  | — |  |  | (204) |
Net current-period other comprehensive (loss) income |  | (204) |  |  | 643 |  |  | 439 |
Balance, September 30, 2025 |  | $ | (16,770) |  |  | $ | (12,707) |  |  | $ | (29,477) |

(in thousands) |  | Postretirement benefit plans |  | Net unrealized loss on cash flow hedges(1) |  | Currency translation adjustment |  | Accumulated other comprehensive loss
Balance, December 31, 2023 |  | $ | (19,824) |  |  | $ | (286) |  |  | $ | (9,918) |  |  | $ | (30,028) |
Other comprehensive loss before reclassifications |  | — |  |  | (1,013) |  |  | (951) |  |  | (1,964) |
Amounts reclassified from accumulated other comprehensive loss |  | 68 |  |  | (1,928) |  |  | — |  |  | (1,860) |
Net current-period other comprehensive income (loss) |  | 68 |  |  | (2,941) |  |  | (951) |  |  | (3,824) |
Balance, September 30, 2024 |  | $ | (19,756) |  |  | $ | (3,227) |  |  | $ | (10,869) |  |  | $ | (33,852) |

(1) Other comprehensive loss before reclassifications is net of an income tax benefit of $375.
14

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

NOTE 6: ACQUISITION AND DIVESTITURES

Asset acquisition – On August 6, 2025, we acquired certain assets of JPMorgan Chase Bank’s CheckMatch electronic check conveyance service business for cash payments totaling $24,600, approximately half of which was paid at closing and the remainder to be paid in the first quarter of 2026. The assets acquired consisted of a lockbox network intangible asset, included in other intangibles in Note 3, with a fair value of $14,100 and a useful life of 10 years and a customer relationship intangible asset with a fair value of $10,500 and a useful life of 7 years. Information regarding these fair value estimates can be found in Note 7.
Divestitures – In recent years, we decided to exit certain businesses and dispose of other assets. We believe these actions have enabled us to concentrate our resources on our growth businesses, while optimizing our operations.
In September and December 2023, we executed agreements to transition our U.S. and Canadian payroll and human resources services customers to other service providers. The recognition of income from this business exit was based on the timing of customer conversion and retention activities, which were substantially completed during 2024. During the quarter ended September 30, 2024, we recognized a related goodwill impairment charge of $6,700, as we determined that the remaining cash flows expected to be generated by these businesses no longer supported the carrying value of the related reporting unit. The remaining cash proceeds from this business exit were received during the quarter ended March 31, 2025. The results of this business are reported as All other in Note 13.
Business exits and asset sales were as follows for the nine months ended September 30, 2025 and September 30, 2024:

(in thousands) |  | Gain on sale of businesses and long-lived assets |  | Proceeds from sale of businesses and long-lived assets
Nine months ended September 30, 2025: |  |  |  |
Payroll and human resources services business |  | $ | — |  |  | $ | 1,968 |
Nine months ended September 30, 2024: |  |  |  |
Payroll and human resources services business |  | $ | 28,190 |  |  | $ | 18,321 |
Small business distributor customer list(1) |  | 1,000 |  |  | — |
Total |  | $ | 29,190 |  |  | $ | 18,321 |

(1) A note receivable was executed in conjunction with this sale. No cash proceeds were received.

NOTE 7: FAIR VALUE MEASUREMENTS

Goodwill impairment analysis – Our policy regarding goodwill impairment can be found under the caption "Note 1: Significant Accounting Policies" in the Notes to Consolidated Financial Statements located in the 2024 Form 10K. This policy explains our methodology for assessing the impairment of goodwill.
For the 2025 annual goodwill analysis as of July 31, 2025, we chose to perform quantitative analyses for our Merchant Services and Treasury Management reporting units. These analyses indicated that the estimated fair values of these reporting units exceeded their carrying values. Estimating the fair values of our reporting units requires us to estimate several factors, including revenue growth rates, earnings before interest, taxes, depreciation, and amortization (EBITDA) margins, terminal growth rates, discount rates, and the allocation of shared and corporate items. These assumptions require significant judgment, and actual results may differ, potentially leading to future impairment charges.
For our other reporting units with goodwill, we completed qualitative analyses. These analyses considered factors such as economic, market, and industry conditions, cost factors, and the overall financial performance of the reporting units. We also considered the most recent quantitative analyses from prior periods. These qualitative analyses indicated no changes in events or circumstances suggesting that the fair value of any reporting unit was less than its carrying amount. Consequently, no goodwill impairment charges were recorded from our 2025 annual impairment analysis.
15

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

Asset acquisition – During the quarter ended September 30, 2025, we acquired intangible assets associated with JPMorgan Chase Bank’s CheckMatch electronic check conveyance service business (Note 6). In estimating the fair value of these assets, we utilized the multi-period excess earnings method. This method involved forecasting the revenue and cash flows generated by the assets, then subtracting the portions of cash flows attributable to supporting assets that contribute to overall earnings. The net cash flows attributable to the intangible assets are then discounted using a rate that reflects the associated risk, resulting in a present value estimate. Key assumptions used in this valuation included projected revenue from existing customers, anticipated customer growth, estimated earnings, expected customer retention rates, and the selected discount rate.
Financial instruments – Information regarding the fair values of our financial instruments was as follows:

|  |  |  |  |  | Fair value measurements using
|  |  |  | September 30, 2025 |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
(in thousands) |  | Balance sheet location |  | Carrying value |  | Fair value |  |  |
Amortized cost: |  |  |  |  |  |  |  |  |  |  |  |
Loans and notes receivable from distributors |  | Other current and other non-current assets |  | $ | 11,048 |  | $ | 12,302 |  | $ | — |  | $ | — |  | $ | 12,302
Long-term debt |  | Current portion of long-term debt and long-term debt |  | 1,449,785 |  | 1,484,821 |  | — |  | 1,484,821 |  | —

|  |  |  |  |  | Fair value measurements using
|  |  |  | December 31, 2024 |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
(in thousands) |  | Balance sheet location |  | Carrying value |  | Fair value |  |  |
Amortized cost: |  |  |  |  |  |  |  |  |  |  |  |
Loans and notes receivable from distributors |  | Other current and other non-current assets |  | $ | 12,541 |  |  | $ | 13,013 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,013 |
Long-term debt |  | Current portion of long-term debt and long-term debt |  | 1,503,151 |  |  | 1,508,347 |  |  | — |  |  | 1,508,347 |  |  | — |

NOTE 8: RESTRUCTURING AND INTEGRATION EXPENSE

Restructuring and integration expense consists of costs related to initiatives aimed at driving earnings and cash flow growth, including costs related to the consolidation and migration of certain applications and processes. These costs consist primarily of consulting, project management services, internal labor, and other items such as facility closure and consolidation costs. Additionally, we have recorded employee severance costs across functional areas. Restructuring and integration expense is not allocated to our reportable business segments.
We are actively pursuing initiatives designed to support our growth strategy and to increase our efficiency, including several initiatives that we collectively refer to as our North Star program. The goal of this program is to enhance shareholder value by (1) accelerating our adjusted EBITDA growth, (2) increasing cash flow, (3) reducing debt, and (4) improving our leverage ratio. North Star is a comprehensive, multi-year plan that balances cost reduction and growth opportunities. On the cost reduction front, we concentrated on optimizing our organizational framework and enhancing our infrastructure and operational processes. The major components of our organizational restructuring have been completed, involving the integration of comparable roles, flattening management layers, and broadening supervisory responsibilities. We are also leveraging technology and automated processes to digitize and improve the efficiency of our operations. Additionally, we are expanding our operational
16

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

capacity by centralizing back-office activities and utilizing talent from the global workforce. The associated restructuring and integration expense, which consisted primarily of consulting and employee severance costs, was approximately $15,000 during the nine months ended September 30, 2025 and approximately $33,000 during the nine months ended September 30, 2024. To date, we have incurred expense of approximately $110,000, and we anticipate that we will incur approximately $5,000 of additional North Star restructuring and integration expense in the fourth quarter of 2025.
Restructuring and integration expense is reflected on the consolidated statements of comprehensive income as follows:

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Total cost of revenue |  | $ | 24 |  |  | $ | 234 |  |  | $ | 965 |  |  | $ | 1,132 |
Operating expenses |  | 2,910 |  |  | 11,031 |  |  | 14,625 |  |  | 35,899 |
Restructuring and integration expense |  | $ | 2,934 |  |  | $ | 11,265 |  |  | $ | 15,590 |  |  | $ | 37,031 |

Restructuring and integration expense for each period was comprised of the following:

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Employee severance benefits |  | $ | 1,580 |  |  | $ | 902 |  |  | $ | 7,651 |  |  | $ | 2,459 |
External consulting and other costs |  | 324 |  |  | 8,614 |  |  | 3,584 |  |  | 25,733 |
Internal labor |  | 597 |  |  | 381 |  |  | 2,297 |  |  | 1,602 |
Other |  | 433 |  |  | 1,368 |  |  | 2,058 |  |  | 7,237 |
Restructuring and integration expense |  | $ | 2,934 |  |  | $ | 11,265 |  |  | $ | 15,590 |  |  | $ | 37,031 |

Our restructuring and integration accruals are included in accrued liabilities on the consolidated balance sheets. These accruals represent the anticipated cash payments necessary to fulfill the remaining severance obligations for employees who have already been terminated, as well as those expected to be terminated under our various initiatives. We expect that the majority of employee reductions and the associated severance payments will be completed by mid-2026.
Changes in our restructuring and integration accruals were as follows:

(in thousands) |  | Employee severance benefits
Balance, December 31, 2024 |  | $ | 3,755 |
Charges |  | 8,109 |
Reversals |  | (458) |
Payments |  | (7,517) |
Balance, September 30, 2025 |  | $ | 3,889 |

The charges and reversals shown in the rollforward of our restructuring and integration accruals exclude items that are expensed as incurred, as these items are not included in accrued liabilities on the consolidated balance sheets.

NOTE 9: INCOME TAX PROVISION

Our effective income tax rate for interim periods is based on the estimated annual effective tax rate, adjusted for discrete items occurring within the period. For the nine months ended September 30, 2025, our effective income tax rate of 28.4% differed from the federal statutory tax rate of 21.0% mainly due to the impact of foreign income tax expense, including the impact of the repatriation of foreign earnings, as well as corporate state income taxes, the tax impact of non-deductible executive compensation expense, and the benefit of the federal R&D tax credit.
For the nine months ended September 30, 2025, our effective income tax rate decreased from 33.7% for the same period in 2024. The 2025 rate benefited from lower tax impacts for our foreign operations, share-based compensation, and non-
17

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

deductible compensation. These benefits were partially offset by an increase in our effective state income tax rate. For the third quarter of 2025, our effective income tax rate was 28.5%, a decrease from 33.6% for the third quarter of 2024, with similar factors contributing to the reduction as those affecting the nine-month period.
In July 2025, the "One Big Beautiful Bill Act" was signed into law. The legislation is a comprehensive tax and spending bill that primarily extends provisions of the 2017 Tax Cuts and Jobs Act that were set to expire and restores provisions that accelerate deductions for certain business expenses and investments. The impact of these changes during the quarter ended September 30, 2025 was not material to income tax expense and resulted in an increase in net deferred income tax liabilities of approximately $30,000.

NOTE 10: POSTRETIREMENT BENEFITS

We have historically offered certain health care benefits to a large number of our eligible retired U.S. employees. In addition to our retiree health care plan, we also maintain an inactive U.S. supplemental executive retirement plan. Further information regarding our postretirement benefit plans can be found under the caption “Note 12: Postretirement Benefits” in the Notes to Consolidated Financial Statements located in the 2024 Form 10-K.
Postretirement benefit income is included in other income, net on the consolidated statements of comprehensive income and consisted of the following components:

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Interest cost |  | $ | 397 |  |  | $ | 435 |  |  | $ | 1,191 |  |  | $ | 1,306 |
Expected return on plan assets |  | (2,137) |  |  | (2,099) |  |  | (6,410) |  |  | (6,296) |
Amortization of prior service credit |  | (355) |  |  | (355) |  |  | (1,066) |  |  | (1,066) |
Amortization of net actuarial losses |  | 212 |  |  | 334 |  |  | 636 |  |  | 1,001 |
Net periodic benefit income |  | $ | (1,883) |  |  | $ | (1,685) |  |  | $ | (5,649) |  |  | $ | (5,055) |

NOTE 11: DEBT

Debt outstanding was comprised of the following:

(in thousands) |  | September 30, 2025 |  | December 31, 2024
Senior secured term loan facility |  | $ | 470,792 |  |  | $ | 500,000 |
Senior unsecured notes |  | 475,000 |  |  | 475,000 |
Senior secured notes |  | 450,000 |  |  | 450,000 |
Securitization obligations |  | 70,000 |  |  | 78,917 |
Amounts drawn on senior secured revolving credit facility |  | — |  |  | 18,000 |
Total principal amount |  | 1,465,792 |  |  | 1,521,917 |
Less: unamortized discount and debt issuance costs |  | (16,007) |  |  | (18,766) |
Total debt, net of discount and debt issuance costs |  | 1,449,785 |  |  | 1,503,151 |
Less: current portion of long-term debt, net of debt issuance costs |  | (37,215) |  |  | (37,130) |
Long-term debt |  | $ | 1,412,570 |  |  | $ | 1,466,021 |

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DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

Maturities of long-term debt were as follows as of September 30, 2025:

(in thousands) |  | Debt obligations
Remainder of 2025 |  | $ | 9,375 |
2026 |  | 37,500 |
2027 |  | 107,500 |
2028 |  | 50,000 |
2029 |  | 1,261,417 |
Total principal amount |  | $ | 1,465,792 |

Credit facility – In December 2024, we executed a $900,000 senior secured credit facility, which includes commitments of $400,000 under a revolving credit facility and $500,000 under a term loan facility. The revolving credit facility includes a $40,000 swingline sub-facility and a $25,000 letter of credit sub-facility. Loans under the revolving credit facility can be borrowed, repaid, and re-borrowed until February 1, 2029, at which point all outstanding amounts must be repaid. The term loan facility is structured to be repaid in equal quarterly installments of $9,375 through December 2027 and $12,500 from March 2028 to December 2028, with the remaining balance due on February 1, 2029. The term loan facility includes mandatory prepayment requirements related to asset sales, certain casualty or other insured damage to assets, and new debt (excluding permitted debt), subject to certain limitations. No premium or penalty is incurred for any mandatory or voluntary prepayment of the term loan facility.
Interest on the credit facility is payable at a fluctuating rate, as outlined in the credit agreement. A commitment fee is also payable on the unused portion of the revolving credit facility. Amounts outstanding under the credit facility had a weighted-average interest rate of 6.76% as of September 30, 2025 and 7.23% as of December 31, 2024.
Borrowings under the credit facility are secured by substantially all of the present and future tangible and intangible personal property held by us and our subsidiaries that have guaranteed our obligations under the credit facility, subject to certain exceptions. The credit agreement includes customary covenants that limit levels of indebtedness, liens, mergers, certain asset dispositions, changes in business, advances, investments, loans, and restricted payments. These covenants are subject to various limitations and exceptions outlined in the credit agreement. Additionally, the credit agreement imposes requirements on our consolidated total leverage ratio and our consolidated secured leverage ratio. The consolidated total leverage ratio is calculated as (i) consolidated indebtedness minus unrestricted cash and cash equivalents in excess of $15,000 to (ii) consolidated EBITDA for the period, as defined in the agreement. The consolidated secured leverage ratio is defined as (i) consolidated secured indebtedness minus unrestricted cash and cash equivalents in excess of $15,000 to (ii) consolidated EBITDA for the period, as defined in the agreement. These ratios may not equal or exceed the following amounts during the periods indicated:

Fiscal Quarter Ending |  | Consolidated total leverage ratio |  | Consolidated secured leverage ratio
September 30, 2025 through March 31, 2026 |  | 4.25 to 1.00 |  | 3.50 to 1.00
June 30, 2026 and each fiscal quarter thereafter |  | 4.00 to 1.00 |  | 3.25 to 1.00

Furthermore, we are required to maintain a minimum interest coverage ratio of at least 3.00 to 1.00 for the duration of the credit facility. This ratio is calculated as (i) consolidated EBITDA, as defined in the agreement, for the trailing four quarters to (ii) consolidated interest expense for the same period. In addition, if our consolidated total leverage exceeds 2.75 to 1.00, the aggregate amount of permitted dividends, incentive-based share repurchases, and repurchases under an open market repurchase program is limited to an annual amount of $60,000, provided that the amount of any share repurchases made under an open market repurchase program does not exceed $30,000 in a fiscal year.
Failure to comply with any of these requirements would constitute an event of default, which would enable the lenders to declare all amounts outstanding immediately due and payable. In such a scenario, the lenders would also have the right to enforce their interests against the collateral pledged if we are unable to settle the outstanding amounts. As of September 30, 2025, we were in compliance with all debt covenants.
The credit agreement includes customary representations and warranties. As a condition for borrowing, it requires that all such representations and warranties be true and correct in all material respects on the date of each borrowing. This includes representations affirming that there has been no material adverse change in our business, assets, operations, or financial condition.
19

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

As of September 30, 2025, amounts available for borrowing under our revolving credit facility were as follows:

(in thousands) |  | Total available
Revolving credit facility commitment |  | $ | 400,000 |
Amounts drawn on revolving credit facility |  | — |
Outstanding letters of credit(1) |  | (7,398) |
Net available for borrowing as of September 30, 2025 |  | $ | 392,602 |

(1) We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our revolving credit facility.
Senior unsecured and secured notes – In June 2021, we issued $500,000 of 8.0% senior unsecured notes that mature in June 2029. These notes were issued via a private placement under Rule 144A of the Securities Act of 1933. Proceeds from the offering, net of discount and offering costs, were $490,741, resulting in an effective interest rate of 8.3%. The net proceeds were utilized to finance the acquisition of First American Payment Systems, L.P. Interest payments are due each June and December. During 2022, we repurchased $25,000 of these notes on the open market.
In December 2024, we issued $450,000 of 8.125% senior secured notes that mature in September 2029. However, if any of the senior unsecured notes issued in 2021 remain outstanding as of February 1, 2029, the 2024 senior secured notes will mature on February 1, 2029. These notes were also issued via a private placement under Rule 144A of the Securities Act of 1933. The proceeds from this offering, net of discount and offering costs, were $441,481, resulting in an effective interest rate of 8.6%. The net proceeds, along with borrowings under the credit facility executed in December 2024, were used to refinance our previous senior secured term loan facility and revolving credit facility. Interest payments for these notes are due each March and September.
The indentures governing these notes include covenants that restrict our ability, and that of our restricted subsidiaries to undertake certain actions. These restrictions include limitations on incurring additional debt and liens, issuing redeemable and preferred stock, paying dividends and distributions, making loans and investments, and consolidating, merging, or selling all or substantially all of our assets.
Securitization facility – In March 2024, Deluxe Receivables LLC, a wholly-owned subsidiary, established a receivables financing agreement (the “Securitization Facility”). This agreement terminates in March 2027, unless extended per its terms. The maximum borrowing capacity under the Securitization Facility is $80,000, subject to certain borrowing base adjustments. Under this agreement, we have sold and will continue to automatically sell certain accounts receivable to the subsidiary, which serve as collateral for borrowings under the facility and which totaled approximately $154,000 as of September 30, 2025. The initial proceeds from these borrowings were used to prepay amounts due under our former secured term loan facility. Borrowings accrue interest at a commercial paper rate for borrowings funded by a conduit lender through the issuance of notes, and for other borrowings, at the Secured Overnight Financing Rate plus an applicable margin. A commitment fee is charged on the unused portion of the facility, and interest and fees are payable monthly. Amounts outstanding under the facility had an interest rate of 5.74% as of September 30, 2025 and 6.22% as of December 31, 2024.
The Securitization Facility is treated as a collateralized financing activity rather than a sale of assets. Consequently, the subsidiary is consolidated, and the receivable balances pledged as collateral are reported as accounts receivable on the consolidated balance sheets while the borrowings are classified as long-term debt. Cash receipts from the underlying receivables are reflected as operating cash flows on the consolidated statements of cash flows, and borrowings and repayments under the collateralized loans are reflected as financing cash flows.

NOTE 12: OTHER COMMITMENTS AND CONTINGENCIES

Indemnifications – In the normal course of business, we periodically enter into agreements that incorporate general indemnification language. These indemnification provisions generally encompass third-party claims arising from our products and services. This includes, but is not limited to, service failures, breaches of security, intellectual property rights, compliance with governmental regulations, and employment-related matters. Performance under these indemnities would generally be triggered by our breach of the terms of the contract.
When disposing of assets or businesses, we often provide representations, warranties, and indemnities to cover various risks. These risks may include unknown damage to the assets, environmental risks involved in the sale of real estate, liability to
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DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities and legal matters related to periods prior to disposition.
We do not have the ability to estimate the potential liability from such indemnities because they relate to unknown conditions. However, we do not believe that any liability under these indemnities would have a material adverse effect on our financial position, annual results of operations, or annual cash flows. We have recorded liabilities for known indemnifications related to environmental matters. These liabilities were not material as of September 30, 2025 or December 31, 2024.
Self-insurance – We are self-insured for certain costs, primarily workers' compensation claims and medical and dental benefits for active employees and those employees on long-term disability. The liabilities associated with these items represent our best estimate of the ultimate obligations for reported claims, as well as those incurred, but not reported. These liabilities totaled $9,326 as of September 30, 2025 and $8,200 as of December 31, 2024, and are included in accrued liabilities and other non-current liabilities on the consolidated balance sheets. Our workers' compensation liability is recorded at present value, and the difference between the discounted and undiscounted liability was not material as of September 30, 2025 or December 31, 2024.
Our self-insurance liabilities are estimated, in part, by considering historical claims experience, demographic factors, and other actuarial assumptions. The estimated accruals for these liabilities could be significantly affected if future events and claims differ from these assumptions and historical trends.
Litigation – The liabilities recorded for legal matters, along with the related charges recorded in each period, did not have a material impact on our financial position, results of operations, or liquidity during the periods presented. We do not anticipate that any of the currently identified claims or litigation will materially affect our financial position, results of operations, or liquidity upon resolution. However, it is important to note that litigation carries inherent uncertainties, and unfavorable rulings are possible. Should an unfavorable ruling occur, it could have a material adverse effect on our financial position, results of operations, or liquidity in the period of the ruling or in future periods.

NOTE 13: BUSINESS SEGMENT INFORMATION

We operate the following reportable segments, generally organized by product and service type:
•Merchant Services – provides electronic credit and debit card authorization and payment systems and processing services, primarily to small and medium-sized retail and service businesses.
•B2B Payments – provides treasury management solutions, including remittance and lockbox processing, remote deposit capture, cash application, and payment acceptance solutions, as well as integrated accounts payable disbursements, such as eChecks, Medical Payment Exchange, and Deluxe Payment Exchange+, as well as fraud and security services.
•Data Solutions – provides data, analytics, and marketing services for both business-to-business and business-to-consumer marketing, as well as financial institution profitability reporting and business incorporation services.
•Print – provides printed personal and business checks, business essentials, including printed business forms and business accessories, as well as branded promotional, print, apparel, and digital storefront solutions.
The accounting policies applied to our segments are consistent with those outlined in the Notes to Consolidated Financial Statements included in the 2024 Form 10-K. We allocate corporate costs for shared services functions to our business segments when the costs are directly attributable to a specific segment. This allocation includes certain expenses related to sales and marketing, supply chain, real estate, finance, information technology, and legal services. Costs that cannot be directly attributed to a specific business segment are reported under Corporate operations. These costs primarily include marketing, accounting, information technology, human resources, facilities, executive management, and the legal, tax, and treasury functions that support the overall corporate structure.
Our segments operate primarily within the U.S., with some activities in Canada. The revenue and long-lived assets associated with our foreign operations were not material to our consolidated financial statements for the periods covered by this report. No single customer contributed more than 10% of our consolidated revenue during the nine months ended September 30, 2025 and September 30, 2024.
Our Chief Executive Officer serves as our chief operating decision maker (CODM). In this role, he evaluates the performance of each segment and makes resource allocation decisions based on adjusted EBITDA. Adjusted EBITDA for each segment excludes depreciation and amortization expense, interest expense, income tax expense, and certain other amounts that
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DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

can vary from period to period. These amounts may include asset impairment charges, restructuring and integration expense, share-based compensation expense, certain legal and environmental expenses that fall outside the normal course of business, and gains or losses on the sale of businesses and long-lived assets.
The CODM uses adjusted EBITDA in both the annual planning and interim forecasting processes. On a monthly basis, the CODM reviews variances between actual results and plan, forecast, and prior year results, using this analysis to guide resource distribution and strategic adjustments. Additionally, the CODM compares segment adjusted EBITDA margins to those of competitors. This benchmarking is essential for evaluating the relative performance of our segments within the industry, ensuring that we remain competitive, and identifying areas for improvement. Furthermore, adjusted EBITDA plays a significant role in establishing employee performance-based compensation, aligning employee incentives with our financial goals. The CODM does not review segment asset information when making investment or operating decisions regarding our reportable segments.
The following is our segment information for the quarters and nine months ended September 30, 2025 and September 30, 2024:

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Merchant Services: |  |  |  |  |  |  |  |
Revenue |  | $ | 98,000 |  |  | $ | 93,531 |  |  | $ | 297,173 |  |  | $ | 288,536 |
Other segment items |  | (77,610) |  |  | (75,779) |  |  | (233,668) |  |  | (230,159) |
Adjusted EBITDA |  | 20,390 |  |  | 17,752 |  |  | 63,505 |  |  | 58,377 |
B2B Payments: |  |  |  |  |  |  |  |
Revenue |  | $ | 73,078 |  |  | 75,140 |  |  | $ | 214,215 |  |  | 214,788 |
Other segment items |  | (56,257) |  |  | (59,876) |  |  | (168,457) |  |  | (172,251) |
Adjusted EBITDA |  | 16,821 |  |  | 15,264 |  |  | 45,758 |  |  | 42,537 |
Data Solutions: |  |  |  |  |  |  |  |
Revenue |  | $ | 89,224 |  |  | 61,065 |  |  | $ | 234,280 |  |  | 178,169 |
Other segment items |  | (60,151) |  |  | (43,580) |  |  | (165,146) |  |  | (130,019) |
Adjusted EBITDA |  | 29,073 |  |  | 17,485 |  |  | 69,134 |  |  | 48,150 |
Print: |  |  |  |  |  |  |  |
Revenue |  | $ | 279,945 |  |  | 297,313 |  |  | $ | 852,296 |  |  | 909,393 |
Other segment items |  | (186,399) |  |  | (199,906) |  |  | (577,565) |  |  | (627,167) |
Adjusted EBITDA |  | 93,546 |  |  | 97,407 |  |  | 274,731 |  |  | 282,226 |
Total reportable segments: |  |  |  |  |  |  |  |
Revenue |  | $ | 540,247 |  |  | $ | 527,049 |  |  | $ | 1,597,964 |  |  | $ | 1,590,886 |
Other segment items |  | (380,417) |  |  | (379,141) |  |  | (1,144,836) |  |  | (1,159,596) |
Adjusted EBITDA |  | 159,830 |  |  | 147,908 |  |  | 453,128 |  |  | 431,290 |
All other:(1) |  |  |  |  |  |  |  |
Revenue |  | $ | — |  |  | 1,395 |  |  | $ | 16 |  |  | 10,329 |
Other segment items |  | — |  |  | (947) |  |  | (52) |  |  | (4,657) |
Adjusted EBITDA |  | — |  |  | 448 |  |  | (36) |  |  | 5,672 |
Total: |  |  |  |  |  |  |  |
Revenue |  | $ | 540,247 |  |  | $ | 528,444 |  |  | $ | 1,597,980 |  |  | $ | 1,601,215 |
Other segment items |  | (380,417) |  |  | (380,088) |  |  | (1,144,888) |  |  | (1,164,253) |
Adjusted EBITDA |  | 159,830 |  |  | 148,356 |  |  | 453,092 |  |  | 436,962 |

(1) Includes the payroll and human resources services business, which we substantially exited during 2024 (Note 6).
The CODM does not review segment expense information. Instead, he receives commentary that discusses variances between planned, forecasted, or prior year adjusted EBITDA amounts. This commentary may include discussion of relevant expense categories, which can vary from period to period based on the drivers of the variances. Additionally, the CODM reviews
22

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

consolidated expense information as presented in our consolidated financial statements, as well as consolidated expenses for our various shared services support functions.
For all our segments, other segment items primarily consist of cost of revenue, selling expenses, and allocated costs of our shared services functions, including information technology, real estate, and finance costs. For our digital businesses, which include Merchant Services, B2B Payments, and Data Solutions, cost of revenue includes information technology costs, payroll and related expenses, and related overhead. For the Print segment, cost of revenue includes raw materials used to manufacture products, shipping and handling costs, third-party costs for outsourced products, payroll and related expenses, information technology costs, and related overhead. Selling expenses for all segments include costs associated with our sales organization and certain marketing and advertising expenses. They also encompass the costs of our call center operations for the Merchant Services, B2B Payments, and Print segments, as well as external commissions for the B2B Payments and Print segments.
The following table presents the reconciliation of total segment adjusted EBITDA to consolidated income before income taxes:

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Total segment adjusted EBITDA |  | $ | 159,830 |  |  | $ | 148,356 |  |  | $ | 453,092 |  |  | $ | 436,962 |
Corporate operations |  | (40,943) |  |  | (43,454) |  |  | (127,573) |  |  | (128,217) |
Depreciation and amortization expense |  | (32,252) |  |  | (44,277) |  |  | (101,008) |  |  | (127,716) |
Interest expense |  | (30,529) |  |  | (29,905) |  |  | (92,739) |  |  | (90,910) |
Net income attributable to non-controlling interest |  | 37 |  |  | 38 |  |  | 109 |  |  | 103 |
Asset impairment charge |  | — |  |  | (6,700) |  |  | — |  |  | (6,700) |
Restructuring and integration expense |  | (2,934) |  |  | (11,265) |  |  | (15,590) |  |  | (37,031) |
Share-based compensation expense |  | (5,960) |  |  | (4,842) |  |  | (17,591) |  |  | (14,972) |
Certain legal and environmental (expense) benefit |  | (38) |  |  | 350 |  |  | (550) |  |  | 50 |
Gain on sale of businesses and long-lived assets |  | — |  |  | 5,208 |  |  | — |  |  | 29,190 |
Income before income taxes |  | $ | 47,211 |  |  | $ | 13,509 |  |  | $ | 98,150 |  |  | $ | 60,759 |

The following tables present revenue disaggregated by our product and service offerings:

|  | Quarter Ended September 30, 2025
(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions |  | Print |  | All Other |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 173,053 |  |  | $ | — |  |  | $ | 173,053 |
Merchant services |  | 98,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98,000 |
Data-driven marketing |  | — |  |  | — |  |  | 84,656 |  |  | — |  |  | — |  |  | 84,656 |
Treasury management solutions |  | — |  |  | 56,124 |  |  | — |  |  | — |  |  | — |  |  | 56,124 |
Forms and other business products |  | — |  |  | — |  |  | — |  |  | 54,586 |  |  | — |  |  | 54,586 |
Promotional solutions |  | — |  |  | — |  |  | — |  |  | 52,306 |  |  | — |  |  | 52,306 |
Other payment solutions |  | — |  |  | 16,954 |  |  | — |  |  | — |  |  | — |  |  | 16,954 |
Other web-based solutions |  | — |  |  | — |  |  | 4,568 |  |  | — |  |  | — |  |  | 4,568 |
Total revenue |  | $ | 98,000 |  |  | $ | 73,078 |  |  | $ | 89,224 |  |  | $ | 279,945 |  |  | $ | — |  |  | $ | 540,247 |

23

DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

|  | Quarter Ended September 30, 2024
(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions |  | Print |  | All other |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 176,827 |  |  | $ | — |  |  | $ | 176,827 |
Merchant services |  | 93,531 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 93,531 |
Data-driven marketing |  | — |  |  | — |  |  | 56,520 |  |  | — |  |  | — |  |  | 56,520 |
Treasury management solutions |  | — |  |  | 58,574 |  |  | — |  |  | — |  |  | — |  |  | 58,574 |
Forms and other business products |  | — |  |  | — |  |  | — |  |  | 59,222 |  |  | — |  |  | 59,222 |
Promotional solutions |  | — |  |  | — |  |  | — |  |  | 61,264 |  |  | — |  |  | 61,264 |
Other payment solutions |  |  |  | 16,566 |  |  |  |  |  |  | — |  |  | 16,566 |
Other web-based solutions |  |  |  |  |  | 4,545 |  |  |  |  | — |  |  | 4,545 |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,395 |  |  | 1,395 |
Total revenue |  | $ | 93,531 |  |  | $ | 75,140 |  |  | $ | 61,065 |  |  | $ | 297,313 |  |  | $ | 1,395 |  |  | $ | 528,444 |

|  | Nine Months Ended September 30, 2025
(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions |  | Print |  | All Other |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 521,936 |  |  | $ | — |  |  | $ | 521,936 |
Merchant services |  | 297,173 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 297,173 |
Data-driven marketing |  | — |  |  | — |  |  | 219,637 |  |  | — |  |  | — |  |  | 219,637 |
Forms and other business products |  | — |  |  | — |  |  | — |  |  | 169,294 |  |  | — |  |  | 169,294 |
Treasury management solutions |  | — |  |  | 164,921 |  |  | — |  |  | — |  |  | — |  |  | 164,921 |
Promotional solutions |  | — |  |  | — |  |  | — |  |  | 161,066 |  |  | — |  |  | 161,066 |
Other payment solutions |  | — |  |  | 49,294 |  |  | — |  |  | — |  |  | — |  |  | 49,294 |
Other web-based solutions |  | — |  |  | — |  |  | 14,643 |  |  | — |  |  | — |  |  | 14,643 |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | 16 |
Total revenue |  | $ | 297,173 |  |  | $ | 214,215 |  |  | $ | 234,280 |  |  | $ | 852,296 |  |  | $ | 16 |  |  | $ | 1,597,980 |

|  | Nine Months Ended September 30, 2024
(in thousands) |  | Merchant Services |  | B2B Payments |  | Data Solutions |  | Print |  | All Other |  | Consolidated
Checks |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 534,672 |  |  | $ | — |  |  | $ | 534,672 |
Merchant services |  | 288,536 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 288,536 |
Data-driven marketing |  | — |  |  | — |  |  | 163,339 |  |  | — |  |  | — |  |  | 163,339 |
Forms and other business products |  | — |  |  | — |  |  | — |  |  | 181,378 |  |  | — |  |  | 181,378 |
Treasury management solutions |  | — |  |  | 169,000 |  |  | — |  |  | — |  |  | — |  |  | 169,000 |
Promotional solutions |  | — |  |  | — |  |  | — |  |  | 193,343 |  |  | — |  |  | 193,343 |
Other payment solutions |  | — |  |  | 45,788 |  |  | — |  |  | — |  |  | — |  |  | 45,788 |
Other web-based solutions |  | — |  |  | — |  |  | 14,830 |  |  | — |  |  | — |  |  | 14,830 |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,329 |  |  | 10,329 |
Total revenue |  | $ | 288,536 |  |  | $ | 214,788 |  |  | $ | 178,169 |  |  | $ | 909,393 |  |  | $ | 10,329 |  |  | $ | 1,601,215 |

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DELUXE CORPORATION CONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share amounts)

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") includes the following sections:
•Executive Overview that discusses what we do and our operating results at a high level;
•Consolidated Results of Operations, Restructuring and Integration Expense, and Segment Results that includes a more detailed discussion of our revenue and expenses;
•Cash Flows and Liquidity and Capital Resources that discusses key aspects of our cash flows, financial commitments, capital structure, and financial position; and
•Critical Accounting Estimates that discusses the estimates that involve a significant level of judgment and uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations.
Please be aware that this MD&A discussion contains forward-looking statements that involve risks and uncertainties. Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 (the "2024 Form 10-K") details known material risks and important information to consider when evaluating our forward-looking statements and is incorporated into this Item 2 of this report on Form 10-Q as if fully stated herein. The Private Securities Litigation Reform Act of 1995 (the "Reform Act") provides a “safe harbor” for forward-looking statements to encourage companies to provide prospective information. When we use terms such as “should result,” “believe,” “intend,” “plan,” “are expected to,” “targeted,” “will continue,” “will approximate,” “is anticipated,” “estimate,” “project,” “outlook,” "forecast," or similar expressions in this Quarterly Report on Form 10-Q, in future filings with the Securities and Exchange Commission, in our press releases, investor presentations, and in oral statements made by our representatives, these indicate forward-looking statements within the meaning of the Reform Act.
This MD&A includes financial information prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"). Additionally, we discuss non-GAAP financial measures such as free cash flow, net debt, adjusted diluted earnings per share (EPS), consolidated adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) and consolidated adjusted EBITDA margin. We believe that these non-GAAP financial measures, when reviewed alongside GAAP financial measures, can provide valuable insight for investors analyzing our current period operating performance and assessing our future operating performance. Consequently, our internal management reporting also includes these financial measures, which should be considered in addition to, and not as superior to or as a substitute for, GAAP financial measures. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely solely on any single financial measure. Our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies and therefore, may not facilitate useful comparisons. The reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Consolidated Results of Operations section.

EXECUTIVE OVERVIEW

We help businesses strengthen their customer relationships through trusted, technology-enabled solutions that facilitate payments, drive growth, and enhance operational efficiency. Our comprehensive suite of solutions includes merchant services, marketing and data analytics, treasury management solutions, and promotional products, along with customized checks and business forms. We support small and medium-sized businesses, financial institutions, and some of the world’s largest consumer brands. We also provide checks and accessories directly to consumers. Our reach, scale, and distribution channels position us to be a trusted business partner, providing the tools and support our customers need to succeed.
Our Strategy
A detailed discussion of our strategy can be found in Part I, Item 1 of the 2024 Form 10-K. With the completion of our infrastructure modernization and the divestiture of non-strategic businesses, our current focus is on growth investments aimed at driving scale and accelerating profit growth at a rate that exceeds revenue growth. Our operations continue to benefit from our disciplined pricing actions and comprehensive cost management practices. In 2023, we launched our North Star program with the objective of enhancing shareholder value by (1) accelerating our adjusted EBITDA growth, (2) increasing cash flow, (3) reducing debt, and (4) improving our leverage ratio.
The positive impact of the North Star initiatives is evident in the increases in adjusted EBITDA and adjusted EBITDA margin for the third quarter and first nine months of 2025, compared to the same periods in 2024. A significant contributor to the improvement was the reduction in selling, general and administrative (SG&A) expense, which decreased by 6.8% in the third quarter of 2025 and by 6.3% in the first nine months of 2025, compared to the same periods in 2024. Also, within our Print segment, our continued focus on driving efficiencies contributed to an improvement in adjusted EBITDA margin for both the third
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quarter and first nine months of 2025 as compared to the same periods in 2024, despite the revenue pressures facing this business. Free cash flow increased $32 million in the first nine months of 2025, as compared to the first nine months of 2024, and we reduced net debt by $45 million from the previous year end. These achievements underscore our commitment to enhancing financial performance and shareholder value through strategic initiatives and disciplined operational practices.
Additionally, on August 6, 2025, we acquired certain assets of JPMorgan Chase Bank’s CheckMatch electronic check conveyance service business for cash payments totaling $25 million, approximately half of which was paid at closing and the remainder to be paid in the first quarter of 2026. The acquisition is expected to enhance our market position and extend the scale of our B2B Payments segment.
2025 Financial Results
Highlights of our financial results for the first nine months of 2025 compared to the first nine months of 2024 include:
•Consolidated revenue – Decreased by $3 million to $1.60 billion, including a decrease of $10 million attributable to business exits. Excluding the impact of the business exits, consolidated revenue would have shown an increase, mainly due to growth in our data-driven marketing and merchant services businesses. This growth was partially offset by weaker demand for certain of our promotional products, as well as the continuing secular decline in order volumes for checks, business forms, and various business accessories.
•Net income – Increased by $30 million to $70 million, reflecting the impact of our pricing strategies and cost management initiatives. The increase also reflects a reduction in amortization expense, which resulted from accelerated amortization associated with business exits and a trade name intangible asset in 2024, as well as lower acquisition-related amortization in 2025. Restructuring and integration expense also declined, and our data-driven marketing business experienced year-over-year growth, further contributing to the improvement.
These positive factors were partially offset by softer demand for certain promotional products and the continuing secular declines in the Print segment, as well as inflationary pressures impacting material and delivery costs. The loss of earnings from exited businesses also negatively affected net income. Additionally, during the first nine months of 2024, we recognized a $29 million gain from the sale of businesses and long-lived assets and a related asset impairment charge of $7 million, both of which did not recur in 2025.
•Adjusted EBITDA – Increased $17 million to $326 million, including the impact of business exits, which drove a $6 million decrease year-over-year. The increase was primarily driven by the benefits of our pricing strategies and cost management initiatives, as well as the year-over-year growth in data-driven marketing. These positive impacts were partially offset by softer demand for certain promotional products and the continuing secular declines in the Print segment, as well as inflationary pressures on our cost structure.
Adjusted EBITDA margin increased to 20.4% for the first nine months of 2025, compared to 19.3% for the first nine months of 2024, including the impact of business exits, which drove a 0.2 point year-over-year decline. The increase in adjusted EBITDA margin was primarily driven by our pricing and cost management actions, partially offset by the impact of inflationary pressures. A reconciliation of net income to adjusted EBITDA can be found in the Consolidated Results of Operations section.
•Net cash provided by operating activities – Increased by $34 million to $169 million. Key contributors included the positive impacts of our pricing and cost management actions, reduced payouts for performance-based employee bonuses, and lower expenditures associated with restructuring and integration activities. Additional contributions came from growth in our data-driven marketing business and positive changes in working capital, particularly within other current assets and prepaid expenses. These positive impacts were partially offset by softer demand for certain promotional products, the continuing secular declines in the Print segment, variations in the timing of accounts payable settlements, inflationary pressures on our cost structure, and the impact of business exits.
•Free cash flow – Increased by $32 million to $96 million, driven by the same factors impacting net cash provided by operating activities. We continue to reinvest the free cash flow generated by our Print business into our other businesses. Free cash flow is defined as net cash provided by operating activities less purchases of capital assets.
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A reconciliation of free cash flow to its comparable GAAP financial measure can be found in the Consolidated Results of Operations section.
Recent Market Conditions
We continually monitor the interest rate environment and its effect on our outstanding debt. As of September 30, 2025, 63% of our debt carried a weighted-average fixed interest rate of 8.1%, providing us with some protection against potential future interest rate increases.
In addition to interest rate considerations, we closely monitor the impact of inflation on our cost structure, including labor, delivery, and material costs. In response to inflationary pressures, we have implemented targeted price increases, particularly within our Print and Merchant Services segments. Additionally, ongoing global unrest and uncertainties related to trade policies, treaties, and tariffs could disrupt the global supply chain and lead to increased costs. To mitigate these risks, we actively monitor our supply chain to prevent delays or disruptions and to effectively leverage our purchasing power. The severity and duration of inflation remains difficult to predict and could continue to impact our business, financial position, and results of operations.
We also monitor trends in small business sentiment and consumer discretionary spending. We analyze various data sources, including information from credit card brands, the Federal Reserve, other economic forecast providers, and our proprietary data. These trends significantly influence multiple areas of our portfolio, particularly our Merchant Services and Print segments. Recent data suggests some erosion in consumer confidence, raising concerns about the broader economic landscape. During the first nine months of 2025, the weaker demand that emerged late last year continued, especially in more discretionary categories such as our promotional merchandise. We also monitor various factors that could affect our customers' purchasing power, such as potential global trade disruptions and geopolitical events. These factors could lead to a downturn in the global economy, which may negatively impact our financial performance.
Liquidity
As of September 30, 2025, we held cash and cash equivalents of $26 million, along with an additional $393 million available for borrowing under our revolving credit facility. We anticipate that capital expenditures will be between $90 and $100 million for the full year, compared to $94 million in 2024, as we continue to build scale across our product categories and invest in innovation. Our capital allocation priorities remain focused on responsible growth investments, debt reduction, and returning capital to shareholders through dividends. We expect to maintain our regular quarterly dividend payments. However, dividends are subject to approval by our board of directors each quarter and, therefore, may change.
We believe that net cash generated by operations, combined with cash and cash equivalents on hand and the availability under our credit facility, will be sufficient to support our operations over the next 12 months. This includes meeting our contractual obligations, debt service requirements, and addressing our long-term capital needs. Information regarding our longer term capital requirements can be found in the Cash Flows and Liquidity and Capital Resources sections. As of September 30, 2025, we were in compliance with our debt covenants.

CONSOLIDATED RESULTS OF OPERATIONS

Revenue

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Total revenue |  | $ | 540,247 |  |  | $ | 528,444 |  |  | 2.2% |  | $ | 1,597,980 |  |  | $ | 1,601,215 |  |  | (0.2%)

In the third quarter of 2025, total revenue increased compared to the third quarter of 2024, driven by strong demand for our data-driven marketing services, especially among financial institutions, which contributed a $28 million increase in revenue. Additionally, strategic price increases implemented in response to inflation, particularly within our Print and Merchant Services segments, also supported revenue growth. These positive impacts were partially offset by weaker demand for some of our promotional products and the ongoing secular decline in order volumes for checks, business forms, and various business accessories. The impact of business exits resulted in a $1 million year-over-year reduction in revenue for the third quarter.
In the first nine months of 2025, total revenue declined compared to the first nine months of 2024, including the impact of business exits, which drove a $10 million reduction. Excluding the impact of the business exits, consolidated revenue would have shown an increase, mainly due to strong demand for our data-driven marketing services, especially among financial institutions, which contributed a $56 million year-over-year improvement for the first nine months of the year. Additionally, strategic price
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increases implemented in response to inflation, particularly within our Print and Merchant Services segments contributed to the increase. Partially offsetting these factors were weaker demand for some of our promotional products and the ongoing secular decline in order volumes for checks, business forms, and various business accessories.
We do not manage our business based on product versus service revenue. Instead, we analyze our revenue based on the product and service offerings shown under the caption "Note 13: Business Segment Information" in the Condensed Notes to Unaudited Consolidated Financial Statements located in Part I, Item 1 of this report. Our revenue mix by business segment was as follows:

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Merchant Services |  | 18.2 | % |  | 17.7 | % |  | 18.6 | % |  | 18.0 | %
B2B Payments |  | 13.5 | % |  | 14.2 | % |  | 13.4 | % |  | 13.4 | %
Data Solutions |  | 16.5 | % |  | 11.5 | % |  | 14.7 | % |  | 11.1 | %
Print |  | 51.8 | % |  | 56.3 | % |  | 53.3 | % |  | 56.8 | %
All other |  | — |  |  | 0.3 | % |  | — |  |  | 0.7 | %
Total revenue |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %

Cost of Revenue

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Total cost of revenue |  | $ | 249,138 |  |  | $ | 246,577 |  |  | 1.0% |  | $ | 746,560 |  |  | $ | 747,020 |  |  | (0.1%)
Total cost of revenue as a percentage of total revenue |  | 46.1 | % |  | 46.7 | % |  | (0.6) pts. |  | 46.7 | % |  | 46.7 | % |  | —

Cost of revenue primarily consists of raw materials for product manufacturing, shipping and handling costs, third-party costs for outsourced products and services, payroll and related expenses, information technology costs, depreciation and amortization of assets used in production and in support of digital service offerings, residuals paid to independent sales organizations (ISOs), and related overhead.
In the third quarter of 2025, total cost of revenue increased compared to the third quarter of 2024, and for first nine months of the year, total cost of revenue was virtually flat compared to the prior year. The same factors impacted the results for each period. Costs increased as a result of the revenue growth in data-driven marketing, as well as inflationary pressures affecting materials and delivery costs. These increases in total cost of revenue were offset by the soft demand for certain promotional products and the ongoing secular decline in checks, business forms, and various business accessories in our Print segment. Additionally, our cost management initiatives contributed to lower cost of revenue, including volume-based rebates in our Data Solutions segment. The impact of business exits reduced costs by approximately $2 million in the third quarter and $10 million in the first nine months of the year, including the impact of accelerated amortization expense in 2024.
Total cost of revenue as a percentage of total revenue for each period benefited from our pricing and cost management actions and the prior year's accelerated amortization expense. Offsetting these positive factors were the inflationary impacts on our cost structure and a shift in revenue mix toward our lower-margin growth businesses.
Selling, General and Administrative (SG&A) Expense

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
SG&A expense |  | $ | 212,364 |  |  | $ | 227,764 |  |  | (6.8%) |  | $ | 652,102 |  |  | $ | 695,677 |  |  | (6.3%)
SG&A expense as a percentage of total revenue |  | 39.3 | % |  | 43.1 | % |  | (3.8) pts. |  | 40.8 | % |  | 43.4 | % |  | (2.6) pts.

In the third quarter and first nine months of 2025, SG&A expense decreased compared to the same periods in 2024. This decrease was largely driven by various cost management actions, including workforce adjustments across functional areas and
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the optimization of our marketing and sourcing strategies. Additionally, there was a reduction in amortization expense, stemming from accelerated amortization in 2024 related to a trade name intangible asset, as well as lower acquisition-related amortization expense in 2025. Bad debt expense decreased $2 million in the third quarter and $7 million in the first nine months of the year, primarily within our Print segment, and commission expense declined due to reduced Print revenue volumes. For the first nine months of 2025, these reductions in SG&A expense were partially offset by an increase in medical costs within our Corporate operations, which is attributed to higher-cost claims that are expected to occur periodically as part of our self-insurance program.
SG&A expense as a percentage of total revenue decreased for the third quarter and first nine months of 2025 compared to the same periods in 2024, driven by our cost management actions and the reductions in amortization and bad debt expense. For the first nine months of 2025, these impacts more than compensated for the rise in medical costs.
Restructuring and Integration Expense

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Restructuring and integration expense |  | $ | 2,910 |  |  | $ | 11,031 |  |  | (73.6%) |  | $ | 14,625 |  |  | $ | 35,899 |  |  | (59.3%)

We are actively pursuing initiatives aimed at aligning our business with our growth strategy and enhancing operational efficiency. As we implement these initiatives, the amount of restructuring and integration expense is expected to fluctuate from period to period. Further information regarding these costs can be found in the Restructuring and Integration Expense section.
Asset Impairment Charge

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Asset impairment charge |  | $ | — |  |  | $ | 6,700 |  |  | (100.0%) |  | $ | — |  |  | $ | 6,700 |  |  | (100.0%)

During the quarter ended September 30, 2024, we recorded a goodwill impairment charge related to the exit from our U.S. and Canadian payroll and human resources services businesses. Further information can be found under the caption "Note 6: Acquisition and Divestitures" in the Condensed Notes to Unaudited Consolidated Financial Statements located in Part 1, Item 1 of this report.
Gain on Sale of Businesses and Long-Lived Assets

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Gain on sale of businesses and long-lived assets |  | $ | — |  |  | $ | 5,208 |  |  | (100.0%) |  | $ | — |  |  | $ | 29,190 |  |  | (100.0%)

In 2024, the income recognized was primarily associated with our strategic exit from the payroll and human resources services business, a process that we substantially completed during 2024. Further information can be found under the caption "Note 6: Acquisition and Divestitures" in the Condensed Notes to Unaudited Consolidated Financial Statements located in Part 1, Item 1 of this report.
Interest Expense

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Interest expense |  | $ | 30,529 |  |  | $ | 29,905 |  |  | 2.1% |  | $ | 92,739 |  |  | $ | 90,910 |  |  | 2.0%
Weighted-average debt outstanding |  | 1,498,506 |  |  | 1,572,201 |  |  | (4.7%) |  | 1,525,802 |  |  | 1,588,327 |  |  | (3.9%)
Weighted-average interest rate |  | 7.6 | % |  | 7.1 | % |  | 0.5 pts. |  | 7.6 | % |  | 7.1 | % |  | 0.5 pts.

In the third quarter and first nine months of 2025, interest expense increased compared to the same periods in 2024. This increase was primarily due to the impact of higher interest rates, which outweighed the benefit of a reduction in our average debt
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outstanding. Based on the amount of variable-rate debt outstanding as of September 30, 2025, a one percentage point change in the weighted-average interest rate would result in a $1 million impact on interest expense for the fourth quarter of 2025.
Income Tax Provision

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Income tax provision |  | $ | 13,445 |  |  | $ | 4,540 |  |  | 196.1% |  | $ | 27,915 |  |  | $ | 20,463 |  |  | 36.4%
Effective income tax rate |  | 28.5 | % |  | 33.6 | % |  | (5.1) pts. |  | 28.4 | % |  | 33.7 | % |  | (5.3) pts.

In the third quarter and first nine months of 2025, our effective income tax rate decreased compared to the same periods in 2024. The 2025 rate benefited from lower tax impacts for our foreign operations, share-based compensation, and non-deductible compensation. These benefits were partially offset by an increase in our effective state income tax rate. Further information regarding our income tax provision can be found under the caption "Note 9: Income Tax Provision" in the Condensed Notes to Unaudited Consolidated Financial Statements located in Part I, Item 1 of this report.
Net Income, Diluted EPS, and Adjusted Diluted EPS

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except per share amounts) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Net income |  | $ | 33,766 |  |  | $ | 8,969 |  |  | 276.5% |  | $ | 70,235 |  |  | $ | 40,296 |  |  | 74.3%
Diluted EPS |  | 0.74 |  |  | 0.20 |  |  | 270.0% |  | 1.54 |  |  | 0.90 |  |  | 71.1%
Adjusted diluted EPS |  | 1.09 |  |  | 0.84 |  |  | 29.8% |  | 2.71 |  |  | 2.46 |  |  | 10.2%

In the third quarter and first nine months of 2025, net income and diluted EPS increased compared to the same periods in 2024, reflecting the factors noted above. Adjusted diluted EPS in the third quarter and first nine months of 2025 increased year-over-year, primarily due to the benefits of our pricing and cost management actions, growth in our data-driven marketing business, and a reduction in bad debt expense. These positive impacts were partially offset by the soft demand for certain promotional products and the ongoing secular declines in the Print segment, inflationary pressures on our cost structure, and increased medical costs for the nine-month period. Additionally, for the first nine months of 2025, the impact of business exits drove a $0.04 per share decrease year-over-year. A reconciliation of net income to adjusted net income, as used in the calculation of adjusted diluted EPS, can be found in the following section.
Reconciliation of Non-GAAP Financial Measures
Free cash flow – We define free cash flow as net cash provided by operating activities minus purchases of capital assets. We consider free cash flow to be an important indicator of cash available for servicing debt and for shareholders, after making necessary capital investments to maintain or expand our asset base. One limitation of using the free cash flow measure is that not all of our free cash flow is available for discretionary spending. We may have mandatory debt payments and other cash requirements that must be deducted from our available cash. Despite this limitation, we believe that the measure of free cash flow offers an additional metric to consistently compare cash generated by operations. It also provides insight into the cash flow available to fund various items such as dividends, mandatory and discretionary debt reduction, acquisitions or other strategic investments, and share repurchases.
Net cash provided by operating activities reconciles to free cash flow as follows:

|  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024
Net cash provided by operating activities |  | $ | 168,521 |  |  | $ | 134,122 |
Purchases of capital assets |  | (72,556) |  |  | (69,777) |
Free cash flow |  | $ | 95,965 |  |  | $ | 64,345 |

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Net debt – Net debt is calculated by subtracting cash and cash equivalents from total debt. One limitation associated with using net debt is that by subtracting cash and cash equivalents, it may imply that management intends to use these funds to reduce outstanding debt. Additionally, net debt can suggest that our debt obligations are lower than what the most comparable GAAP measure indicates. Despite these limitations, management believes that net debt is a valuable metric for assessing our financial leverage and overall balance sheet health. It provides a measure of our debt burden by considering the funds available to offset our debt obligations.
Total debt reconciles to net debt as follows:

(in thousands) |  | September 30, 2025 |  | December 31, 2024
Total debt |  | $ | 1,449,785 |  |  | $ | 1,503,151 |
Cash and cash equivalents |  | (25,803) |  |  | (34,399) |
Net debt |  | $ | 1,423,982 |  |  | $ | 1,468,752 |

Adjusted EBITDA and adjusted EBITDA margin – We believe that adjusted EBITDA and adjusted EBITDA margin are useful metrics for evaluating our operating performance. These measures eliminate the effect of interest expense, income taxes, the accounting effects of capital investments (i.e., depreciation and amortization), and certain other items that may vary for reasons unrelated to current period operating performance. Management uses these measures to assess the operating results and performance of the business, perform analytical comparisons, and identify strategies to improve performance. Additionally, we believe that an increasing adjusted EBITDA and adjusted EBITDA margin indicate an increase in the company's value. It is important to note that we do not consider adjusted EBITDA to be a measure of cash flow, as it does not account for certain cash requirements such as interest, income taxes, debt service payments, or capital investments.
Net income reconciles to adjusted EBITDA and adjusted EBITDA margin as follows:

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net income |  | $ | 33,766 |  |  | $ | 8,969 |  |  | $ | 70,235 |  |  | $ | 40,296 |
Net income attributable to non-controlling interest |  | (37) |  |  | (38) |  |  | (109) |  |  | (103) |
Depreciation and amortization expense |  | 32,252 |  |  | 44,277 |  |  | 101,008 |  |  | 127,716 |
Interest expense |  | 30,529 |  |  | 29,905 |  |  | 92,739 |  |  | 90,910 |
Income tax provision |  | 13,445 |  |  | 4,540 |  |  | 27,915 |  |  | 20,463 |
Restructuring and integration expense |  | 2,934 |  |  | 11,265 |  |  | 15,590 |  |  | 37,031 |
Share-based compensation expense |  | 5,960 |  |  | 4,842 |  |  | 17,591 |  |  | 14,972 |
Certain legal and environmental expense (benefit) |  | 38 |  |  | (350) |  |  | 550 |  |  | (50) |
Asset impairment charge |  | — |  |  | 6,700 |  |  | — |  |  | 6,700 |
Gain on sale of businesses and long-lived assets |  | — |  |  | (5,208) |  |  | — |  |  | (29,190) |
Adjusted EBITDA |  | $ | 118,887 |  |  | $ | 104,902 |  |  | $ | 325,519 |  |  | $ | 308,745 |
Adjusted EBITDA as a percentage of total revenue (adjusted EBITDA margin) |  | 22.0 | % |  | 19.9 | % |  | 20.4 | % |  | 19.3 | %

Adjusted diluted EPS – We believe that adjusted diluted EPS is a valuable metric for providing comparable information that assists in analyzing our current period operating performance and assessing our future operating performance. By excluding the impact of non-cash items or items that we believe are not indicative of current period operating performance, adjusted diluted EPS offers a useful view of our underlying business performance. Adjusted diluted EPS is one of the key financial performance metrics we use to evaluate the operating results and performance of the business, and it helps us identify strategies to improve performance. While it is reasonable to expect that one or more of the excluded items will occur in future periods, the amounts recognized may vary significantly.
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Diluted EPS reconciles to adjusted diluted EPS as follows:

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except per share amounts) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net income |  | $ | 33,766 |  |  | $ | 8,969 |  |  | $ | 70,235 |  |  | $ | 40,296 |
Net income attributable to non-controlling interest |  | (37) |  |  | (38) |  |  | (109) |  |  | (103) |
Net income attributable to Deluxe |  | 33,729 |  |  | 8,931 |  |  | 70,126 |  |  | 40,193 |
Acquisition amortization |  | 10,581 |  |  | 13,475 |  |  | 33,795 |  |  | 42,251 |
Accelerated amortization |  | — |  |  | 6,851 |  |  | — |  |  | 16,740 |
Restructuring and integration expense |  | 2,934 |  |  | 11,265 |  |  | 15,590 |  |  | 37,031 |
Share-based compensation expense |  | 5,960 |  |  | 4,842 |  |  | 17,591 |  |  | 14,972 |
Certain legal and environmental expense (benefit) |  | 38 |  |  | (350) |  |  | 550 |  |  | (50) |
Asset impairment charge |  | — |  |  | 6,700 |  |  | — |  |  | 6,700 |
Gain on sale of businesses and long-lived assets |  | — |  |  | (5,208) |  |  | — |  |  | (29,190) |
Adjustments, pretax |  | 19,513 |  |  | 37,575 |  |  | 67,526 |  |  | 88,454 |
Income tax provision impact of pretax adjustments(1) |  | (3,636) |  |  | (9,001) |  |  | (14,544) |  |  | (18,845) |
Adjustments, net of tax |  | 15,877 |  |  | 28,574 |  |  | 52,982 |  |  | 69,609 |
Adjusted net income attributable to Deluxe |  | 49,606 |  |  | 37,505 |  |  | 123,108 |  |  | 109,802 |
Income allocated to participating securities |  | — |  |  | (8) |  |  | — |  |  | (8) |
Re-measurement of share-based awards classified as liabilities |  | — |  |  | (8) |  |  | (69) |  |  | (47) |
Adjusted income attributable to Deluxe available to common shareholders |  | $ | 49,606 |  |  | $ | 37,489 |  |  | $ | 123,039 |  |  | $ | 109,747 |
Adjusted weighted average shares and potential common shares outstanding(2) |  | 45,596 |  |  | 44,806 |  |  | 45,357 |  |  | 44,667 |
GAAP diluted EPS |  | $ | 0.74 |  |  | $ | 0.20 |  |  | $ | 1.54 |  |  | $ | 0.90 |
Adjustments, net of tax |  | 0.35 |  |  | 0.64 |  |  | 1.17 |  |  | 1.56 |
Adjusted diluted EPS |  | $ | 1.09 |  |  | $ | 0.84 |  |  | $ | 2.71 |  |  | $ | 2.46 |

(1) The tax effect of the pretax adjustments takes into account the tax treatment and related tax rate(s) applicable to each adjustment in the relevant tax jurisdiction(s). Generally, this results in a tax impact that approximates the U.S. effective tax rate for each adjustment. However, the tax impact of certain adjustments, such as share-based compensation expense and gains on sales of businesses, depends on whether the amounts are deductible in the respective tax jurisdictions and the applicable effective tax rate(s) in those jurisdictions.
(2) The total of weighted-average shares and potential common shares outstanding used in the calculation of adjusted diluted EPS may differ from the GAAP calculation due to differences in the amount of dilutive securities in each calculation.

RESTRUCTURING AND INTEGRATION EXPENSE

Restructuring and integration expense consists of costs related to initiatives aimed at driving earnings and cash flow growth, including costs related to the consolidation and migration of certain applications and processes. These costs consist primarily of consulting, project management services, internal labor, and other items such as facility closure and consolidation costs. Additionally, we have recorded employee severance costs across functional areas.
We are currently pursuing initiatives designed to support our growth strategy and to increase our efficiency, including several initiatives that we collectively refer to as our North Star program. The goal of this program is to enhance shareholder value by (1) accelerating our adjusted EBITDA growth, (2) increasing cash flow, (3) reducing debt, and (4) improving our leverage ratio. North Star is a comprehensive, multi-year plan that balances cost reduction and growth opportunities. On the cost reduction front, we concentrated on optimizing our organizational framework and enhancing our infrastructure and operational processes. The major components of our organizational restructuring have been completed, involving the integration of comparable roles, flattening management layers, and broadening supervisory responsibilities. We are also leveraging technology and automated processes to digitize and improve the efficiency of our operations. Additionally, we are expanding our operational capacity by centralizing back-office activities and utilizing talent from the global workforce. On the revenue growth front, our
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priorities include developing an integrated software channel in Merchant Services, expanding our Data Solutions business to cater to more industry verticals, and enhancing our marketing and sales capabilities. The positive impact of the North Star initiatives is evident in our results of operations. For example, SG&A expense decreased 6.3% for the first nine months of 2025 compared to the first nine months of 2024, and free cash flow increased $32 million for the same period. Also, within our Print segment, our continued focus on driving efficiencies contributed to an improvement in adjusted EBITDA margin for both the third quarter and first nine months of 2025 as compared the same periods in 2024, despite the revenue pressures facing this business. Further information regarding restructuring and integration expense can be found under the caption "Note 8: Restructuring and Integration Expense" in the Condensed Notes to Unaudited Consolidated Financial Statements located in Part I, Item 1 of this report.
All investments under the North Star program are required to meet our internal hurdle rate and provide a higher return compared to other uses of capital, such as debt repayment. The North Star program aims to achieve a $100 million run-rate improvement in free cash flow and an $80 million run-rate improvement in adjusted EBITDA by 2026. Through September 30, 2025, we incurred related restructuring and integration expense of approximately $110 million, and we expect to incur approximately $5 million of additional North Star restructuring and integration expense in the fourth quarter of 2025. These charges included professional services fees, employee severance, and other restructuring-related costs.
The majority of the employee reductions included in our restructuring and integration accruals as of September 30, 2025, along with the related severance payments, are expected to be completed by mid-2026. As a result of these employee reductions, we expect to realize annual cost savings of approximately $6 million in cost of sales and $14 million in SG&A expense in 2025, in comparison to our 2024 results of operations. Note that these savings do not reflect all of our cost saving actions and they may be offset by increased labor and other costs, including inflationary impacts and investments in the business.

SEGMENT RESULTS

We operate four reportable business segments: Merchant Services, B2B Payments, Data Solutions, and Print. Our segments are generally organized by product and service type and reflect the way we manage the business. The financial information presented below is consistent with that presented under the caption "Note 13: Business Segment Information" in the Condensed Notes to Unaudited Consolidated Financial Statements located in Part 1, Item 1 of this report, where information regarding revenue from our various product and service offerings can also be found.
Merchant Services
Results for our Merchant Services segment were as follows:

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Total revenue |  | $ | 98,000 |  |  | $ | 93,531 |  |  | 4.8% |  | $ | 297,173 |  |  | $ | 288,536 |  |  | 3.0%
Adjusted EBITDA |  | 20,390 |  |  | 17,752 |  |  | 14.9% |  | 63,505 |  |  | 58,377 |  |  | 8.8%
Adjusted EBITDA margin |  | 20.8 | % |  | 19.0 | % |  | 1.8 pts. |  | 21.4 | % |  | 20.2 | % |  | 1.2 pts.

Total revenue for the third quarter and first nine months of 2025 increased compared to the same periods in 2024, due to the positive impact of modest pricing actions implemented in response to inflation. Additionally, there was volume growth for government clients and within the banking channel. These gains were partially offset by pressure on processing volumes driven by the uncertain domestic economic outlook and the resulting pressure on discretionary spending.
Adjusted EBITDA and adjusted EBITDA margin for the third quarter and first nine months of 2025 increased compared to the same periods in 2024, as price increases and cost management actions more than offset the impact of changes in channel mix. While our portfolio remains well-positioned, encompassing a diversified range of both traditional discretionary and less discretionary spending categories, we continue to monitor consumer spending trends, as these trends may impact our volumes going forward.
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B2B Payments
Results for our B2B Payments segment were as follows:

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Total revenue |  | $ | 73,078 |  |  | $ | 75,140 |  |  | (2.7%) |  | $ | 214,215 |  |  | $ | 214,788 |  |  | (0.3%)
Adjusted EBITDA |  | 16,821 |  |  | 15,264 |  |  | 10.2% |  | 45,758 |  |  | 42,537 |  |  | 7.6%
Adjusted EBITDA margin |  | 23.0 | % |  | 20.3 | % |  | 2.7 pts. |  | 21.4 | % |  | 19.8 | % |  | 1.6 pts.

Total revenue for the third quarter and first nine months of 2025 decreased compared to the same periods in 2024, driven by pressure on lockbox and receivables processing volumes, as well as lower software license revenue. These impacts were partially offset by the onboarding of new clients and a modest price increase to counteract inflation.
Adjusted EBITDA and adjusted EBITDA margin for the third quarter and first nine months of 2025 increased compared to the same periods in 2024, reflecting our pricing actions and ongoing cost management efforts, including efficiencies across our lockbox processing operations.
Data Solutions
Results for our Data Solutions segment were as follows:

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Total revenue |  | $ | 89,224 |  |  | $ | 61,065 |  |  | 46.1% |  | $ | 234,280 |  |  | $ | 178,169 |  |  | 31.5%
Adjusted EBITDA |  | 29,073 |  |  | 17,485 |  |  | 66.3% |  | 69,134 |  |  | 48,150 |  |  | 43.6%
Adjusted EBITDA margin |  | 32.6 | % |  | 28.6 | % |  | 4.0 pts. |  | 29.5 | % |  | 27.0 | % |  | 2.5 pts.

Total revenue for the third quarter and first nine months of 2025 increased compared to the same periods in 2024, driven by strong demand for customer acquisition marketing activities, particularly from our financial institution partners. Additionally, we added new clients in various other verticals, contributing to the revenue growth. It is important to note that the timing of campaigns within this business can lead to quarter-to-quarter volatility, making specific quarterly growth rates more challenging to predict.
Adjusted EBITDA for the third quarter and first nine months of 2025 increased compared to the same periods in 2024, primarily driven by the increase in data-driven marketing volume and continued cost management initiatives, including favorability from volume-based rebate programs. Adjusted EBITDA margin increased for the third quarter and first nine months of 2025 compared to the same periods in 2024, primarily due to a favorable mix of clients and campaigns compared to 2024, as well as the benefit of our cost management initiatives, including the volume-based rebate programs.
Print
Results for our Print segment were as follows:

|  | Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change |  | 2025 |  | 2024 |  | Change
Total revenue |  | $ | 279,945 |  |  | $ | 297,313 |  |  | (5.8%) |  | $ | 852,296 |  |  | $ | 909,393 |  |  | (6.3%)
Adjusted EBITDA |  | 93,546 |  |  | 97,407 |  |  | (4.0%) |  | 274,731 |  |  | 282,226 |  |  | (2.7%)
Adjusted EBITDA margin |  | 33.4 | % |  | 32.8 | % |  | 0.6 pts. |  | 32.2 | % |  | 31.0 | % |  | 1.2 pts.

Total revenue for the third quarter and first nine months of 2025 decreased compared to the same periods in 2024, mainly due to a decline in revenue from promotional products, reflecting softer demand. Additionally, the ongoing secular decline in order volumes for checks, business forms, and various business accessories contributed to the decrease. These revenue declines were partially offset by pricing actions implemented in response to inflation.
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Adjusted EBITDA for the third quarter and first nine months of 2025 decreased compared to the same periods in 2024, driven by the decline in revenue and inflationary pressures on materials and delivery costs. Our cost management actions partially offset these challenges, as we continued to emphasize operating expense discipline and overall efficiency within this segment. Additionally, bad debt expense declined year-over-year.
Adjusted EBITDA margin for the third quarter and first nine months of 2025 increased compared to the same periods in 2024, as the benefits from our pricing and cost management actions, a shift toward check revenues, and the lower bad debt expense contributed positively. These factors more than offset the inflationary cost pressures.

CASH FLOWS AND LIQUIDITY

As of September 30, 2025, we held cash and cash equivalents of $26 million. Additionally, we had restricted cash and restricted cash equivalents, which were included in settlement processing assets and other non-current assets on the consolidated balance sheet, totaling $38 million. The following table should be read in conjunction with the consolidated statements of cash flows located in Part I, Item 1 of this report.

|  | Nine Months Ended September 30, |  |
(in thousands) |  | 2025 |  | 2024 |  | Change |  |  |  |  |  |
Net cash provided by operating activities |  | $ | 168,521 |  |  | $ | 134,122 |  |  | $ | 34,399 |  |  |  |  |  |  |
Net cash used by investing activities |  | (76,021) |  |  | (51,323) |  |  | (24,698) |  |  |  |  |  |  |
Net cash used by financing activities |  | (339,258) |  |  | (452,081) |  |  | 112,823 |  |  |  |  |  |  |
Effect of exchange rate change on cash, cash equivalents, restricted cash, and restricted cash equivalents |  | 1,230 |  |  | (3,156) |  |  | 4,386 |  |  |  |  |  |  |
Net change in cash, cash equivalents, restricted cash, and restricted cash equivalents |  | $ | (245,528) |  |  | $ | (372,438) |  |  | $ | 126,910 |  |  |  |  |  |  |
Free cash flow(1) |  | $ | 95,965 |  |  | $ | 64,345 |  |  | $ | 31,620 |  |  |  |  |  |  |

(1) See Reconciliation of Non-GAAP Financial Measures within the Consolidated Results of Operations section, which defines and illustrates how we calculate free cash flow.
Net cash provided by operating activities increased $34 million for the first nine months of 2025 compared to the first nine months of 2024. Key contributors included the positive impacts of our pricing and cost management actions, a $15 million reduction in payouts for performance-based employee bonuses, and lower expenditures associated with restructuring and integration activities. Additional contributions came from growth in our data-driven marketing business and positive changes in working capital, particularly within other current assets and prepaid expenses. These positive impacts were partially offset by softer demand for certain promotional products, the continuing secular declines in the Print segment, variations in the timing of accounts payable settlements, inflationary pressures on our cost structure, and the impact of business exits.
Included in net cash provided by operating activities were the following operating cash outflows:

|  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change
Interest payments |  | $ | 83,647 |  |  | $ | 82,778 |  |  | $ | 869 |
Income tax payments |  | 31,833 |  |  | 35,599 |  |  | (3,766) |
Performance-based employee cash bonuses(1) |  | 24,445 |  |  | 39,045 |  |  | (14,600) |
Prepaid product discount payments |  | 22,933 |  |  | 22,945 |  |  | (12) |
Severance payments |  | 7,517 |  |  | 9,212 |  |  | (1,695) |

(1) Amounts reflect compensation based on total company and segment performance.
Net cash used by investing activities for the first nine months of 2025 increased $25 million compared to the first nine months of 2024. The increase was driven by higher proceeds in the prior year from the exit of our payroll and human resources services business, along with a payment made in the third quarter of 2025 for the acquisition of certain assets of JPMorgan Chase Bank’s CheckMatch electronic check conveyance service. Net cash used by financing activities for the same periods decreased by $113 million, driven by changes in settlement processing obligations during each period, including the impact of
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our exit from the payroll and human resources services business during 2024. Additionally, lower net payments on long-term debt in 2025 contributed to the decrease.
Significant investing and financing cash transactions for each period were as follows:

|  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | Change
Net change in settlement processing obligations |  | $ | (235,940) |  |  | $ | (338,955) |  |  | $ | 103,015 |
Purchases of capital assets |  | (72,556) |  |  | (69,777) |  |  | (2,779) |
Net change in debt |  | (56,126) |  |  | (64,511) |  |  | 8,385 |
Cash dividends paid to shareholders |  | (41,634) |  |  | (40,826) |  |  | (808) |
Proceeds from sale of businesses and long-lived assets |  | 1,968 |  |  | 18,321 |  |  | (16,353) |

When evaluating our cash needs, we must consider our debt service requirements, lease obligations, other contractual commitments, and contingent liabilities. Detailed Information regarding the maturities of our long-term debt and our contingent liabilities can be found under the captions “Note 11: Debt” and "Note 12: Other Commitments and Contingencies," both of which appear in the Condensed Notes to Unaudited Consolidated Financial Statements located in Part I, Item 1 of this report. Information regarding our lease obligations can be found under the caption "Note 14: Leases" in the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K, and information regarding our contractual obligations can be found in the MD&A section of the 2024 Form 10-K, under the section entitled Cash Flows and Liquidity. In the first quarter of 2025, we amended and extended an agreement for information technology services. This modification increased our contractual commitments by approximately $25 million, with the majority of the payments scheduled to be made during the years ending December 31, 2028 and 2029.
As of September 30, 2025, we held cash and cash equivalents of $26 million, with an additional $393 million available for borrowing under our revolving credit facility. We believe that net cash generated from our operations, combined with cash and cash equivalents on hand and the availability under our credit facility, will be sufficient to support our operations over the next 12 months. This includes meeting our contractual obligations, debt service requirements, and addressing our long-term capital needs. We expect to maintain our regular quarterly dividend payments. However, dividends are subject to approval by our board of directors each quarter and, therefore, may change.

CAPITAL RESOURCES

As of September 30, 2025, the principal amount of our debt obligations was $1.47 billion, compared to $1.52 billion as of December 31, 2024. Our capital structure for each period was as follows:

|  | September 30, 2025 |  | December 31, 2024 |  |
(in thousands) |  | Amount |  | Weighted- average interest rate |  | Amount |  | Weighted- average interest rate |  | Change
Fixed interest rate |  | $ | 925,000 |  |  | 8.1 | % |  | $ | 925,000 |  |  | 8.1 | % |  | $ | — |
Floating interest rate |  | 540,792 |  |  | 6.6 | % |  | 596,917 |  |  | 7.2 | % |  | (56,125) |
Debt principal |  | 1,465,792 |  |  | 7.5 | % |  | 1,521,917 |  |  | 7.7 | % |  | (56,125) |
Shareholders’ equity |  | 664,146 |  |  |  |  | 620,918 |  |  |  |  | 43,228 |
Total capital |  | $ | 2,129,938 |  |  |  |  | $ | 2,142,835 |  |  |  |  | $ | (12,897) |

As of September 30, 2025, total commitments under our revolving credit facility were $400 million, with $393 million available for borrowing. Detailed information regarding our outstanding debt, including our debt service obligations and debt covenants, can be found under the caption “Note 11: Debt” in the Condensed Notes to Unaudited Consolidated Financial Statements located in Part I, Item 1 of this report.
In October 2018, our board of directors authorized the repurchase of up to $500 million of our common stock. This authorization does not have an expiration date. We have not repurchased any shares under this authorization since the first quarter of 2020. As of September 30, 2025, $287 million remained available for repurchase. Information regarding changes in shareholders' equity can be found in the consolidated statements of shareholders' equity located in Part I, Item 1 of this report.
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CRITICAL ACCOUNTING ESTIMATES

A description of our critical accounting estimates was provided in the MD&A section of the 2024 Form 10-K. During the first nine months of 2025, there were no modifications in the assessment or determination of these estimates. Information regarding the goodwill impairment analyses completed during the third quarter of 2025 can be found under the caption "Note 8: Fair Value Measurements" in the Condensed Notes to Unaudited Consolidated Financial Statements located in Part I, Item 1 of this report.
New accounting pronouncements – Information regarding new accounting pronouncements not yet adopted can be found under the caption “Note 2: New Accounting Pronouncements” in the Condensed Notes to Unaudited Consolidated Financial Statements located in Part I, Item 1 of this report.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest rate risk – We are subject to fluctuations in interest rates primarily due to our borrowing activities, which are essential for maintaining our capital structure, ensuring liquidity, and funding our business operations and investments. We do not enter into financial instruments for speculative or trading purposes. The amount and nature of our outstanding debt is expected to change based on future business needs, market conditions, and other influencing factors.
Interest on amounts outstanding under our credit agreement and accounts receivable financing arrangement is payable at variable rates, as specified in the credit agreements. As of September 30, 2025, we also had $450 million of 8.125% senior secured notes and $475 million of 8.0% senior unsecured notes outstanding. When factoring in the related discount and debt issuance costs, the effective interest rate on these notes is 8.6% and 8.3%, respectively.
Our credit agreement matures on February 1, 2029, at which point any outstanding amounts under the revolving credit facility must be repaid. The term loan facility requires periodic principal payments through December 2028, with the remaining balance due on February 1, 2029. The senior unsecured notes are scheduled to mature in June 2029, while the senior secured notes will mature in September 2029. However, if any of the senior unsecured notes issued in 2021 remain outstanding as of February 1, 2029, the 2024 senior secured notes will also mature on that date. Quantitative information regarding the maturities of our long-term debt can be found under the caption "Note 11: Debt" in the Condensed Notes to Unaudited Consolidated Financial Statements located in Part I, Item 1 of this report.
As of September 30, 2025, our total debt outstanding was as follows:

(in thousands) |  | Carrying amount(1) |  | Fair value(2) |  | Interest rate
Senior secured term loan facility |  | $ | 466,841 |  |  | $ | 470,792 |  |  | 6.8 | %
Senior unsecured notes |  | 470,254 |  |  | 474,031 |  |  | 8.0 | %
Senior secured notes |  | 442,690 |  |  | 469,998 |  |  | 8.1 | %
Securitization obligations |  | 70,000 |  |  | 70,000 |  |  | 5.7 | %
Total debt |  | $ | 1,449,785 |  |  | $ | 1,484,821 |  |  | 7.5 | %

(1) The carrying amount has been reduced by unamortized discount and debt issuance costs of $16 million.
(2) For the amounts outstanding under our credit facility agreements, fair value approximates carrying value because the interest rates are variable and reflect current market rates. The fair value of the senior unsecured and senior secured notes is based on quoted prices in active markets for the identical liability when traded as an asset.
As of September 30, 2025, based on the amount of variable-rate debt outstanding, a one percentage point change in the weighted-average interest rate would result in a $1 million change in interest expense for the fourth quarter of 2025.
Foreign currency exchange rate risk – We are subject to fluctuations in foreign currency exchange rates. Our investments in, and loans and advances to, foreign subsidiaries and branches, along with the operations of these entities, are denominated in foreign currencies, primarily Canadian dollars. The impact of exchange rate changes on our earnings and cash flows is expected to be minimal, given that our foreign operations constitute a relatively small portion of our overall business. At this time, we have not engaged in hedging activities to mitigate the risks associated with changes in foreign currency exchange rates.
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ITEM 4. CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures – As of the end of the period covered by this report, September 30, 2025 (the "Evaluation Date"), we carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")). Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that, as of the Evaluation Date, our disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in applicable rules and forms, and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.
(b) Internal Control Over Financial Reporting – There were no material changes in our internal control over financial reporting identified in connection with our evaluation during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We record provisions for identified claims or lawsuits when it is probable that a liability has been incurred and the loss amount can be reasonably estimated. Claims and lawsuits are reviewed on a quarterly basis, and provisions are taken or adjusted to reflect the current status of each matter. We believe that the reserves recorded in our consolidated financial statements are adequate, considering the probable and estimable outcomes. The recorded liabilities were not material to our financial position, results of operations, or liquidity, and we do not believe that any of the currently identified claims or litigation will have a material impact on our financial position, results of operations, or liquidity upon resolution. However, litigation is subject to inherent uncertainties, and unfavorable rulings could occur. Should an unfavorable ruling occur, it may have a material adverse effect on our financial position, results of operations, or liquidity in the period the ruling is made or in future periods.

ITEM 1A. RISK FACTORS

The risk factors relevant to our business are detailed in Part I, Item 1A of our 2024 Form 10-K. Since the filing of the 2024 Form 10-K, there have been no significant changes to these risk factors.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

In October 2018, our board of directors authorized the repurchase of up to $500 million of our common stock. This authorization has no expiration date. No shares were repurchased under this authorization during the third quarter of 2025 and $287 million remained available for repurchase as of September 30, 2025.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.
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ITEM 5. OTHER INFORMATION

During the three months ended September 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).

ITEM 6. EXHIBITS

Exhibit Number |  | Description
2.1 |  | Asset Purchase Agreement between us and JPMorgan Chase Bank, National Association, dated as of August 6, 2025*
31.1 |  | CEO Certification of Periodic Report pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2 |  | CFO Certification of Periodic Report pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 |  | CEO and CFO Certification of Periodic Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished)
101.INS |  | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH |  | XBRL Taxonomy Extension Schema Document
101.CAL |  | XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF |  | XBRL Taxonomy Extension Definition Linkbase Document
101.LAB |  | XBRL Taxonomy Extension Label Linkbase Document
101.PRE |  | XBRL Taxonomy Extension Presentation Linkbase Document
104 |  | Cover page interactive data file (formatted as Inline XBRL and contained in Exhibit 101)

* The schedules and exhibits have been omitted pursuant to Item 601(a)(5) or Item 601(b)(2) of Regulation S-K. We agree to furnish supplementally a copy of such schedules and exhibits, or any section thereof, to the SEC upon request; provided, however, that we may request confidential treatment pursuant to Rule 24b-2 under the Exchange Act for any exhibits or schedules so furnished.
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SIGNATURES

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

| DELUXE CORPORATION (Registrant)
Date: November 6, 2025 | /s/ Barry C. McCarthy
| Barry C. McCarthy President and Chief Executive Officer (Principal Executive Officer)
Date: November 6, 2025 | /s/ William C. Zint
| William C. Zint Senior Vice President, Chief Financial Officer (Principal Financial Officer)
Date: November 6, 2025 | /s/ L. Kelly Moyer
| L. Kelly Moyer Vice President, Chief Accounting Officer (Principal Accounting Officer)

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