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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form | 10-Q

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

For the Quarterly Period Ended March 31, 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 001-08454

ACCO Brands Corporation
(Exact Name of Registrant as Specified in Its Charter)

Delaware | 36-2704017
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number)

Four Corporate Drive

Lake Zurich, Illinois 60047

(Address of Registrant’s Principal Executive Office, Including Zip Code)

(847) 541-9500

(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 $0.01 per share | ACCO | 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 x No o

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 for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 x

As of April 24, 2025, the registrant had outstanding 90,099,055 shares of Common Stock.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, strategies, business operations and similar matters, results of operations, liquidity, and financial condition and those related to cost reductions and anticipated pre-tax savings and restructuring costs are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words "will," "believe," "expect," "intend," "anticipate," "estimate," "forecast," "future," "predict," "project," "plan," and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of events outside the Company’s control and actual results and the timing of the events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Investors and others are cautioned to not place undue reliance on forward-looking statements when deciding whether to buy, sell or hold the Company's securities.

Some of the factors that could affect our results or cause our plans, actions and results to differ materially from those expressed in the forward-looking statements contained in this Quarterly Report on Form 10-Q are detailed in "Part I, Item 1. Business" and "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as well as in "Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations" and "Part II, Item 1A. Risk Factors" of this Quarterly Report on Form 10Q and from time to time in our other Securities and Exchange Commission (the "SEC") filings.

Website Access to Securities and Exchange Commission Reports

The Company’s Internet website can be found at www.accobrands.com. The Company makes available free of charge on or through its website its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as practicable after the Company files them with, or furnishes them to, the SEC.

2

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION | 4
Item 1. Financial Statements | 4
Condensed Consolidated Balance Sheets | 4
Consolidated Statements of Loss | 5
Consolidated Statements of Comprehensive Income (Loss) | 6
Condensed Consolidated Statements of Cash Flows | 7
Consolidated Statement of Stockholders’ Equity | 8
Notes to Condensed Consolidated Financial Statements | 9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 28
Item 3. Quantitative and Qualitative Disclosures About Market Risk | 34
Item 4. Controls and Procedures | 34
PART II — OTHER INFORMATION | 34
Item 1. Legal Proceedings | 34
Item 1A. Risk Factors | 35
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 36
Item 3. Defaults Upon Senior Securities | 36
Item 4. Mine Safety Disclosures | 36
Item 5. Other Information | 36
Item 6. Exhibits | 37
SIGNATURES | 38

3

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ACCO Brands Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

|  | March 31, 2025 |  |  | December 31, 2024 |
(in millions) |  | (unaudited) |  |  |  |
Assets |  |  |  |  |  |
Current assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 134.6 |  |  | $ | 74.1 |
Accounts receivable, net |  |  | 246.4 |  |  |  | 348.9 |
Inventories |  |  | 314.7 |  |  |  | 270.4 |
Other current assets |  |  | 47.0 |  |  |  | 38.1 |
Total current assets |  |  | 742.7 |  |  |  | 731.5 |
Total property, plant and equipment |  |  | 503.7 |  |  |  | 505.5 |
Less: accumulated depreciation |  |  | (364.5 | ) |  |  | (368.0 | )
Property, plant and equipment, net |  |  | 139.2 |  |  |  | 137.5 |
Right of use asset, leases |  |  | 84.4 |  |  |  | 81.0 |
Deferred income taxes |  |  | 92.3 |  |  |  | 89.3 |
Goodwill |  |  | 468.7 |  |  |  | 446.4 |
Identifiable intangibles, net |  |  | 713.6 |  |  |  | 709.6 |
Other non-current assets |  |  | 27.7 |  |  |  | 33.1 |
Total assets |  | $ | 2,268.6 |  |  | $ | 2,228.4 |
Liabilities and Stockholders' Equity |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |
Notes payable |  | $ | 8.7 |  |  | $ | 10.5 |
Current portion of long-term debt |  |  | 25.2 |  |  |  | 40.8 |
Accounts payable |  |  | 173.7 |  |  |  | 167.3 |
Accrued compensation |  |  | 29.9 |  |  |  | 43.2 |
Accrued customer program liabilities |  |  | 54.6 |  |  |  | 78.5 |
Lease liabilities |  |  | 22.5 |  |  |  | 21.5 |
Other current liabilities |  |  | 106.8 |  |  |  | 128.5 |
Total current liabilities |  |  | 421.4 |  |  |  | 490.3 |
Long-term debt, net |  |  | 897.8 |  |  |  | 783.3 |
Long-term lease liabilities |  |  | 69.1 |  |  |  | 66.9 |
Deferred income taxes |  |  | 110.6 |  |  |  | 111.9 |
Pension and post-retirement benefit obligations |  |  | 118.2 |  |  |  | 117.2 |
Other non-current liabilities |  |  | 45.4 |  |  |  | 52.7 |
Total liabilities |  |  | 1,662.5 |  |  |  | 1,622.3 |
Stockholders' equity: |  |  |  |  |  |
Common stock |  |  | 1.0 |  |  |  | 1.0 |
Treasury stock |  |  | (47.8 | ) |  |  | (47.0 | )
Paid-in capital |  |  | 1,905.5 |  |  |  | 1,911.8 |
Accumulated other comprehensive loss |  |  | (544.1 | ) |  |  | (572.1 | )
Accumulated deficit |  |  | (708.5 | ) |  |  | (687.6 | )
Total stockholders' equity |  |  | 606.1 |  |  |  | 606.1 |
Total liabilities and stockholders' equity |  | $ | 2,268.6 |  |  | $ | 2,228.4 |

See Notes to Condensed Consolidated Financial Statements (Unaudited).

4

ACCO Brands Corporation and Subsidiaries

Consolidated Statements of Loss

(Unaudited)

|  | Three Months Ended March 31, |
(in millions, except per share data) |  | 2025 |  |  | 2024 |
Net sales |  | $ | 317.4 |  |  | $ | 358.9 |
Cost of products sold |  |  | 217.8 |  |  |  | 248.5 |
Gross profit |  |  | 99.6 |  |  |  | 110.4 |
Operating costs and expenses: |  |  |  |  |  |
Selling, general and administrative expenses |  |  | 92.7 |  |  |  | 94.2 |
Amortization of intangibles |  |  | 11.3 |  |  |  | 10.6 |
Restructuring |  |  | 2.3 |  |  |  | (0.3 | )
Total operating costs and expenses |  |  | 106.3 |  |  |  | 104.5 |
Operating (loss) income |  |  | (6.7 | ) |  |  | 5.9 |
Non-operating expense (income): |  |  |  |  |  |
Interest expense |  |  | 10.8 |  |  |  | 13.3 |
Interest income |  |  | (1.9 | ) |  |  | (1.9 | )
Non-operating pension expense |  |  | 0.5 |  |  |  | 0.4 |
Other expense (income), net |  |  | 0.4 |  |  |  | (0.6 | )
Loss before income tax |  |  | (16.5 | ) |  |  | (5.3 | )
Income tax (benefit) expense |  |  | (3.3 | ) |  |  | 1.0 |
Net loss |  | $ | (13.2 | ) |  | $ | (6.3 | )
Per share: |  |  |  |  |  |
Basic loss per share |  | $ | (0.14 | ) |  | $ | (0.07 | )
Diluted loss per share |  | $ | (0.14 | ) |  | $ | (0.07 | )
Weighted average number of shares outstanding: |  |  |  |  |  |
Basic |  |  | 93.3 |  |  |  | 95.7 |
Diluted |  |  | 93.3 |  |  |  | 95.7 |

See Notes to Condensed Consolidated Financial Statements (Unaudited).

5

ACCO Brands Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

|  | Three Months Ended March 31, |
(in millions) |  | 2025 |  |  | 2024 |
Net loss |  | $ | (13.2 | ) |  | $ | (6.3 | )
Other comprehensive income (loss) net of tax: |  |  |  |  |  |
Unrealized (loss) gain on derivative instruments, net of tax benefit (expense) of $0.7 and $(0.2), respectively |  |  | (1.9 | ) |  |  | 0.5 |
Foreign currency translation adjustments, net of tax expense of $(0.4) and zero, respectively |  |  | 31.4 |  |  |  | (21.2 | )
Recognition of deferred pension and other post-retirement items, net of tax benefit (expense) of $0.7 and $(0.7), respectively |  |  | (1.5 | ) |  |  | 2.4 |
Other comprehensive income (loss) net of tax: |  |  | 28.0 |  |  |  | (18.3 | )
Comprehensive income (loss) |  | $ | 14.8 |  |  | $ | (24.6 | )

See Notes to Condensed Consolidated Financial Statements (Unaudited).

6

ACCO Brands Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

|  | Three Months Ended March 31, |
(in millions) |  | 2025 |  |  | 2024 |
Operating activities |  |  |  |  |  |
Net loss |  | $ | (13.2 | ) |  | $ | (6.3 | )
Depreciation |  |  | 6.7 |  |  |  | 7.4 |
Amortization of debt issuance costs |  |  | 0.5 |  |  |  | 0.7 |
Amortization of intangibles |  |  | 11.3 |  |  |  | 10.6 |
Stock-based compensation |  |  | 7.8 |  |  |  | 5.1 |
Changes in operating assets and liabilities: |  |  |  |  |  |
Accounts receivable |  |  | 107.0 |  |  |  | 153.8 |
Inventories |  |  | (35.9 | ) |  |  | (26.5 | )
Other assets |  |  | (4.8 | ) |  |  | (18.6 | )
Accounts payable |  |  | 1.8 |  |  |  | (12.7 | )
Accrued expenses and other liabilities |  |  | (69.7 | ) |  |  | (76.2 | )
Accrued income taxes |  |  | (6.0 | ) |  |  | (9.1 | )
Net cash provided by operating activities |  |  | 5.5 |  |  |  | 28.2 |
Investing activities |  |  |  |  |  |
Additions to property, plant and equipment |  |  | (2.2 | ) |  |  | (2.3 | )
Cost of acquisitions, net of cash acquired |  |  | (10.1 | ) |  |  | — |
Net cash used by investing activities |  |  | (12.3 | ) |  |  | (2.3 | )
Financing activities |  |  |  |  |  |
Proceeds from long-term borrowings |  |  | 106.3 |  |  |  | 61.4 |
Repayments of long-term debt |  |  | (17.5 | ) |  |  | (18.9 | )
Borrowings (repayments) of notes payable, net |  |  | (2.2 | ) |  |  | (0.2 | )
Dividends paid |  |  | (6.8 | ) |  |  | (7.2 | )
Repurchases of common stock |  |  | (15.0 | ) |  |  | — |
Payments related to tax withholding for stock-based compensation |  |  | (0.8 | ) |  |  | (1.9 | )
Net cash provided by financing activities |  |  | 64.0 |  |  |  | 33.2 |
Effect of foreign exchange rate changes on cash and cash equivalents |  |  | 3.3 |  |  |  | (0.9 | )
Net increase in cash and cash equivalents |  |  | 60.5 |  |  |  | 58.2 |
Cash and cash equivalents |  |  |  |  |  |
Beginning of the period |  | $ | 74.1 |  |  | $ | 66.4 |
End of the period |  | $ | 134.6 |  |  | $ | 124.6 |
Cash paid during the year for: |  |  |  |  |  |
Interest |  | $ | 15.9 |  |  | $ | 17.8 |
Income taxes |  | $ | 2.7 |  |  | $ | 10.1 |

See Notes to Condensed Consolidated Financial Statements (Unaudited).

7

ACCO Brands Corporation and Subsidiaries

Consolidated Statement of Stockholders' Equity

(Unaudited)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated Other |  |  |  |  |  |  |
|  | Common Stock |  |  | Paid-in |  |  | Treasury Stock |  |  | Comprehensive |  |  | Accumulated |  |  |  |
(in millions) |  | Shares |  |  | Value |  |  | Capital |  |  | Shares |  |  | Value |  |  | Income (Loss) |  |  | Deficit |  |  | Total |
Balance at December 31, 2024 |  |  | 98.1 |  |  | $ | 1.0 |  |  | $ | 1,911.8 |  |  |  | 5.3 |  |  | $ | (47.0 | ) |  | $ | (572.1 | ) |  | $ | (687.6 | ) |  | $ | 606.1 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13.2 | ) |  |  | (13.2 | )
Loss on derivative financial instruments, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1.9 | ) |  |  | — |  |  |  | (1.9 | )
Translation impact, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 31.4 |  |  |  | — |  |  |  | 31.4 |
Pension and post-retirement adjustment, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1.5 | ) |  |  | — |  |  |  | (1.5 | )
Common stock repurchases |  |  | (3.2 | ) |  |  | — |  |  |  | (15.0 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (15.0 | )
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | 8.7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.9 | ) |  |  | 7.8 |
Common stock issued, net of shares withheld for employee taxes |  |  | 0.6 |  |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | (0.8 | ) |  |  | — |  |  |  | — |  |  |  | (0.8 | )
Dividends declared $0.075 per share |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6.8 | ) |  |  | (6.8 | )
Balance at March 31, 2025 |  |  | 95.5 |  |  | $ | 1.0 |  |  | $ | 1,905.5 |  |  |  | 5.4 |  |  | $ | (47.8 | ) |  | $ | (544.1 | ) |  | $ | (708.5 | ) |  | $ | 606.1 |

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated Other |  |  |  |  |  |  |
|  | Common Stock |  |  | Paid-in |  |  | Treasury Stock |  |  | Comprehensive |  |  | Accumulated |  |  |  |
(in millions) |  | Shares |  |  | Value |  |  | Capital |  |  | Shares |  |  | Value |  |  | Income (Loss) |  |  | Deficit |  |  | Total |
Balance at December 31, 2023 |  |  | 99.8 |  |  | $ | 1.0 |  |  | $ | 1,913.4 |  |  |  | 4.9 |  |  | $ | (45.1 | ) |  | $ | (526.3 | ) |  | $ | (556.0 | ) |  | $ | 787.0 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6.3 | ) |  |  | (6.3 | )
Gain on derivative financial instruments, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.5 |  |  |  | — |  |  |  | 0.5 |
Translation impact, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (21.2 | ) |  |  | — |  |  |  | (21.2 | )
Pension and post-retirement adjustment, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2.4 |  |  |  | — |  |  |  | 2.4 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | 5.4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (0.3 | ) |  |  | 5.1 |
Common stock issued, net of shares withheld for employee taxes |  |  | 1.1 |  |  |  | — |  |  |  | — |  |  |  | 0.3 |  |  |  | (1.9 | ) |  |  | — |  |  |  | — |  |  |  | (1.9 | )
Dividends declared $0.075 per share |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7.2 | ) |  |  | (7.2 | )
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |
Balance at March 31, 2024 |  |  | 100.9 |  |  | $ | 1.0 |  |  | $ | 1,918.8 |  |  |  | 5.2 |  |  | $ | (47.0 | ) |  | $ | (544.6 | ) |  | $ | (569.7 | ) |  | $ | 758.5 |

See Notes to Condensed Consolidated Financial Statements (Unaudited).

8

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Basis of Presentation

As used in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, the terms "ACCO Brands," "ACCO," the "Company," "we," "us," and "our" refer to ACCO Brands Corporation and its consolidated subsidiaries.

The management of ACCO Brands Corporation is responsible for the accuracy and internal consistency of the preparation of the condensed consolidated financial statements and notes contained in this Quarterly Report on Form 10-Q.

The condensed consolidated interim financial statements have been prepared pursuant to the rules and regulations of the SEC. Although the Company believes the disclosures are adequate to make the information presented not misleading, certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP") have been condensed or omitted pursuant to those rules and regulations. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The Condensed Consolidated Balance Sheet as of March 31, 2025 and the related Consolidated Statements of Loss, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2025 and 2024, and the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 are unaudited. The December 31, 2024 Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all annual disclosures required by GAAP. The financial statements included herein were prepared by management and reflect all adjustments (consisting solely of normal recurring items unless otherwise noted) which are, in the opinion of management, necessary for the fair presentation of the results of operations and cash flows for the interim periods ended March 31, 2025 and 2024, and the financial position of the Company as of March 31, 2025. Interim results may not be indicative of results for a full year.

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting periods. Actual results could differ from those estimates.

2. Recent Accounting Pronouncements and Adopted Accounting Standards

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires a public entity to disaggregate certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the effect this guidance will have on the notes to our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are evaluating the effect this guidance will have on our tax disclosures.

9

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

There were no other recently issued accounting standards that are expected to have a material effect on the Company’s financial condition, results of operations or cash flow.

Recently Adopted Accounting Standards

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. Effective in the fourth quarter of 2024, the Company adopted this standard. See "Note 17. Information on Operating Segments" for further details.

There were no accounting standards that were adopted in the first three months of 2025 that had a material effect on the Company’s financial condition, results of operations or cash flow.

3. Acquisitions

Buro Acquisition

On February 28, 2025, we completed the acquisition ("the Buro Acquisition") of the business of Buro Seating Limited Partnership ("Buro"). Buro is a wholesaler of ergonomic seating in Australia and New Zealand and is included in the Company’s International operating segment. The Buro Acquisition extends our presence in Australia and New Zealand into a new product category. The purchase price paid at closing was AU$16.2 million (US$10.1 million, based on February 28, 2025 exchange rates). A portion of the purchase price (AU$2.2 million or $1.3 million based on February 28, 2025 exchange rates) is being held in an escrow account for a period of up to 2 years after closing in the event of any claims against the seller under the purchase agreement. The fair value of assets acquired and liabilities assumed are subject to finalization and are expected to be completed within one year from acquisition date. The Buro Acquisition was accounted for as a purchase combination and Buro's results are included in the Company's condensed consolidated financial statements as of February 28, 2025.

Pro forma financial information is not presented due to immateriality.

10

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

4. Long-term Debt and Short-term Borrowings

Notes payable and long-term debt, listed in order of the priority of security interests in assets of the Company, consisted of the following as of March 31, 2025 and December 31, 2024:

(in millions) |  | March 31, 2025 |  |  | December 31, 2024 |
Euro Senior Secured Term Loan A, due October 2029 (floating interest rate of 4.11% at March 31, 2025 and 4.68% at December 31, 2024) |  | $ | 131.4 |  |  | $ | 127.9 |
Euro Dollar Senior Secured Revolving Credit Facility, due October 2029 (floating interest rate of 4.11% at March 31, 2025 and 4.68% at December 31, 2024) |  |  | 107.2 |  |  |  | 59.1 |
U.S. Dollar Senior Secured Revolving Credit Facility, due October 2029 (floating interest rate of 6.09% at March 31, 2025 and 6.47% at December 31, 2024) |  |  | 68.5 |  |  |  | 34.4 |
Australian Dollar Senior Secured Revolving Credit Facility, due October 2029 (floating interest rate of 5.93% at March 31, 2025 and 6.44% at December 31, 2024) |  |  | 45.7 |  |  |  | 32.8 |
Senior Unsecured Notes, due March 2029 (fixed interest rate of 4.25%) |  |  | 575.0 |  |  |  | 575.0 |
Other borrowings |  |  | 8.7 |  |  |  | 10.5 |
Total debt |  |  | 936.5 |  |  |  | 839.7 |
Less: |  |  |  |  |  |
Current portion |  |  | 33.9 |  |  |  | 51.3 |
Debt issuance costs, unamortized |  |  | 4.8 |  |  |  | 5.1 |
Long-term debt, net |  | $ | 897.8 |  |  | $ | 783.3 |

Credit Agreement

The Company is party to a Third Amended and Restated Credit Agreement, dated as of January 27, 2017, among the Company, certain subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other agents and various lenders party thereto, which has been amended seven times between July 2018 and October 2024 (as amended, the "Credit Agreement"). The Credit Agreement currently provides for a senior secured credit facility, which consists of a €184.8 million (US$200.0 million based on October 30, 2024 exchange rates) term loan facility, and a US$467.5 million multi-currency revolving credit facility (the "Revolving Facility"). Prior to the seventh amendment which was effective October 30, 2024, the Credit Agreement provided for a senior secured credit facility, which consisted of a €300.0 million (US$320.8 million based on January 27, 2017, exchange rates) term loan facility, an AU$80.0 million (US$60.4 million based on January 27, 2017, exchange rates) term loan facility, a US$100.0 million term loan facility and a US$600.0 million multi-currency revolving credit facility.

The current financial covenants under the Credit Agreement are as follows:

•
Minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 3.00:1.00; and
•
Maximum Consolidated Leverage Ratio financial covenant for all first and second fiscal quarters is 4.50x dropping to 4.00x for all third and fourth quarters.

The current pricing for borrowings under the Credit Agreement is as follows:

Consolidated Leverage Ratio |  | Applicable Rate on Euro/AUD/CDN Loans |  | Applicable Rate on Base Rate Loans |  | Undrawn Fee
> 4.25 |  | 2.25 % |  | 1.25 % |  | 0.375 %
> 3.5 |  | 2.00 % |  | 1.00 % |  | 0.350 %
> 2.5 |  | 1.75 % |  | 0.75 % |  | 0.300 %
≤ 2.5 |  | 1.50 % |  | 0.50 % |  | 0.250 %

As of March 31, 2025, the applicable rate on Euro, Australian and Canadian dollar loans was 1.75 percent and the applicable rate on Base Rate loans was 1.00 percent. Undrawn amounts under the Revolving Facility are subject to a commitment fee rate

11

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

of 0.25 percent to 0.375 percent per annum, depending on the Company's Consolidated Leverage Ratio. As of March 31, 2025, the commitment fee rate was 0.30 percent.

As of March 31, 2025, there were $221.4 million in borrowings outstanding under the Revolving Facility. The remaining amount available for borrowings was $235.9 million (allowing for $10.2 million of letters of credit outstanding on that date).

As of March 31, 2025, our Consolidated Leverage Ratio was approximately 3.65 to 1.00 versus our maximum covenant of 4.50 to 1.00.

Senior Unsecured Notes

On March 15, 2021, the Company completed a private offering of $575.0 million in aggregate principal amount of 4.25 percent Senior Unsecured Notes (the "Notes") due March 2029. Interest on the Notes is payable semiannually on March 15 and September 15 of each year. The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of the Company's existing and future U.S. subsidiaries, other than certain excluded subsidiaries.

Guarantees and Security

Generally, obligations under the Credit Agreement are guaranteed by certain of the Company’s existing and future subsidiaries, and are secured by substantially all of the Company’s and certain guarantor subsidiaries’ assets, subject to certain exclusions and limitations.

5. Leases

The Company leases its corporate headquarters, various other facilities for distribution, manufacturing and offices, as well as vehicles, forklifts and other equipment. The Company determines if an arrangement is a lease at inception. Leases are included in "Right of use asset, leases" ("ROU Assets"), and the current portion of the lease liability is included in "Lease liabilities" and the non-current portion is included in "Long-term lease liabilities" in the Condensed Consolidated Balance Sheets. The Company currently has an immaterial amount of financing leases and leases with terms of more than one month and less than 12 months.

ROU Assets and lease liabilities are recognized based on the present value of lease payments over the lease term. In determining the present value of leases, the Company uses its incremental collateralized borrowing rate, on a regional basis, due to the implicit rate of return is generally not readily determinable for our leases. The incremental borrowing rate is dependent upon the duration of the lease and has been segmented into three groups of time. All leases within the same region and the same group of time share the same incremental borrowing rate. The Company has lease agreements with lease and non-lease components, which are combined for accounting purposes for all classes of underlying assets except information technology equipment.

The components of lease expense were as follows:

|  | Three months ended March 31, |
(in millions) |  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 7.1 |  |  | $ | 7.4 |
Sublease income |  |  | (0.8 | ) |  |  | (0.9 | )
Total lease cost |  | $ | 6.3 |  |  | $ | 6.5 |

12

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

Other information related to leases was as follows:

|  | Three Months Ended March 31, |
(in millions, except lease term and discount rate) |  | 2025 |  |  | 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 7.4 |  |  | $ | 7.7 |
Right-of-use assets obtained in exchange for lease obligations: |  |  |  |  |  |
Operating leases |  | $ | 7.4 |  |  | $ | 8.7 |
Weighted average remaining lease term: |  |  |  |  |  |
Operating leases |  | 5.5 years |  |  |  |
Weighted average discount rate: |  |  |  |  |  |
Operating leases |  |  | 5.3 | % |  |  |

Future minimum lease payments, net of sublease income, for all non-cancelable leases as of March 31, 2025 were as follows:

(in millions) |  | Operating Leases |
2025 |  | $ | 20.8 |
2026 |  |  | 23.2 |
2027 |  |  | 18.2 |
2028 |  |  | 15.1 |
2029 |  |  | 11.9 |
2030 |  |  | 10.3 |
Thereafter |  |  | 9.1 |
Total minimum lease payments |  |  | 108.6 |
Less imputed interest |  |  | 17.0 |
Future minimum payments for leases, net of sublease rental income and imputed interest |  | $ | 91.6 |

6. Pension and Other Retiree Benefits

The components of net periodic benefit (income) cost for pension and post-retirement plans for the three months ended March 31, 2025 and 2024 were as follows:

|  | Three Months Ended March 31, |
|  | Pension |  |  | Post-retirement |
|  | U.S. |  |  | International |  |  |  |  |  |  |
(in millions) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 1.9 |  |  |  | 1.9 |  |  |  | 4.5 |  |  |  | 4.6 |  |  |  | — |  |  |  | — |
Expected return on plan assets |  |  | (3.2 | ) |  |  | (3.2 | ) |  |  | (4.4 | ) |  |  | (4.8 | ) |  |  | — |  |  |  | — |
Amortization of net loss (gain) |  |  | 0.6 |  |  |  | 0.6 |  |  |  | 1.1 |  |  |  | 1.3 |  |  |  | (0.1 | ) |  |  | (0.1 | )
Net periodic benefit (income) cost (1) |  | $ | (0.7 | ) |  | $ | (0.7 | ) |  | $ | 1.4 |  |  | $ | 1.3 |  |  | $ | (0.1 | ) |  | $ | (0.1 | )

(1)
The components of net periodic benefit (income) cost, other than service cost, are included in the line "Non-operating pension expense" in the Consolidated Statements of Loss.

13

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

We expect to contribute approximately $16.4 million to our defined benefit plans in 2025. For the three months ended March 31, 2025, we have contributed $5.2 million to these plans.

7. Stock-Based Compensation

The following table summarizes our stock-based compensation expense, including stock options, restricted stock units ("RSUs") and performance stock units ("PSUs"), for the three months ended March 31, 2025 and 2024:

|  | Three months ended March 31, |
(in millions) |  | 2025 |  |  | 2024 |
Stock option compensation expense |  | $ | 0.1 |  |  | $ | 0.2 |
RSU compensation expense |  |  | 3.4 |  |  |  | 3.6 |
PSU compensation expense |  |  | 4.3 |  |  |  | 1.3 |
Total stock-based compensation expense |  | $ | 7.8 |  |  | $ | 5.1 |

We generally recognize expense for stock-based awards ratably over the vesting period. During the first quarter of 2025, stock compensation grants were made consisting of 1,248,016 RSUs and 1,135,000 PSUs.

The following table summarizes our unrecognized compensation expense and the weighted-average period over which the expense will be recognized as of March 31, 2025:

|  | March 31, 2025
(in millions, except weighted average years) |  | Unrecognized Compensation Expense |  | Weighted Average Years Expense To Be Recognized Over
Stock options |  | — |  | 0.1
RSUs |  | $9.6 |  | 2.4
PSUs |  | $7.8 |  | 1.7

8. Inventories

The components of inventories were as follows:

(in millions) |  | March 31, 2025 |  |  | December 31, 2024 |
Raw materials |  | $ | 48.9 |  |  | $ | 35.9 |
Work in process |  |  | 4.1 |  |  |  | 3.3 |
Finished goods |  |  | 261.7 |  |  |  | 231.2 |
Total inventories |  | $ | 314.7 |  |  | $ | 270.4 |

9. Goodwill and Identifiable Intangible Assets

Goodwill

We test goodwill for impairment at least annually as of our measurement date of May 31st and on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. We did not identify a triggering event during the three months ended March 31, 2025 that would indicate it is more likely than not that an impairment loss has been incurred.

Estimating the fair value of each reporting unit requires us to make assumptions and estimates regarding our future. We utilized a combination of discounted cash flows and market approach. The financial projections used in the valuation models

14

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

reflected management's assumptions regarding revenue growth rates, economic and market trends, cost structure, discount rate, and other expectations about the anticipated short-term and long-term operating results for each of our reporting units.

We believe the assumptions used in our goodwill impairment analysis are appropriate and result in reasonable estimates of the implied fair value of each reporting unit. However, given the economic environment and uncertainties that can negatively impact our business, there can be no assurance that our estimates and assumptions, made for purposes of our goodwill impairment testing, will prove to be an accurate prediction of the future. If our assumptions regarding future performance are not achieved, or if future events occur that adversely affect our enterprise value, we may be required to record additional goodwill impairment charges in future periods.

Changes in the net carrying amount of goodwill by segment were as follows:

(in millions) |  | ACCO Brands Americas |  |  | ACCO Brands International |  |  | Total |
Balance at December 31, 2024 |  | $ | 253.3 |  |  | $ | 193.1 |  |  | $ | 446.4 |
Acquisitions(1) |  |  | — |  |  |  | 4.2 |  |  |  | 4.2 |
Foreign currency translation |  |  | 0.6 |  |  |  | 17.5 |  |  |  | 18.1 |
Balance at March 31, 2025 |  | $ | 253.9 |  |  | $ | 214.8 |  |  | $ | 468.7 |

(1)
Represents goodwill from our Buro Acquisition.

The goodwill balance includes $530.8 million of accumulated impairment losses as of December 31, 2024 and March 31, 2025.

Identifiable Intangible Assets

We test our indefinite-lived intangible for impairment at least annually as of our measurement date of May 31st and on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. We did not identify a triggering event during the three months ended March 31, 2025, that would indicate it is more likely than not that an impairment loss has been incurred.

Estimating the fair value of our indefinite-lived trade name requires us to make assumptions and estimates regarding our future. We utilized a relief-from-royalty discounted cash flows approach. The financial projections used in the valuation models reflected management's assumptions regarding revenue growth rates, economic and market trends, royalty rate, discount rate, and other expectations about the anticipated short-term and long-term operating results for our indefinite-lived trade name.

We believe the assumptions used in our impairment analysis are appropriate and result in reasonable estimates of the implied fair value of our indefinite-lived trade name. However, given the economic environment and uncertainties that can negatively impact our business, there can be no assurance that our estimates and assumptions, made for purposes of our indefinite-lived intangible impairment testing, will prove to be an accurate prediction of the future. If our assumptions regarding future performance are not achieved, or if future events occur that adversely affect our enterprise value, we may be required to record an impairment charge in future periods against out indefinite-lived trade name.

15

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

The gross carrying value and accumulated amortization by class of identifiable intangible assets as of March 31, 2025 and December 31, 2024, were as follows:

|  | March 31, 2025 |  |  | December 31, 2024 |
(in millions) |  | Gross Carrying Amounts |  |  | Accumulated Amortization |  |  | Net Book Value |  |  | Gross Carrying Amounts |  |  | Accumulated Amortization |  |  | Net Book Value |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names(2) |  | $ | 101.2 |  |  | $ | (44.5 | ) |  | $ | 56.7 |  |  | $ | 101.2 |  |  | $ | (44.5 | ) |  | $ | 56.7 |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  | 639.5 |  |  |  | (164.6 | ) |  |  | 474.9 |  |  |  | 627.5 |  |  |  | (157.5 | ) |  |  | 470.0 |
Customer and contractual relationships |  |  | 359.2 |  |  |  | (237.7 | ) |  |  | 121.5 |  |  |  | 350.7 |  |  |  | (230.0 | ) |  |  | 120.7 |
Vendor relationships |  |  | 82.4 |  |  |  | (23.6 | ) |  |  | 58.8 |  |  |  | 82.4 |  |  |  | (22.2 | ) |  |  | 60.2 |
Patents |  |  | 7.9 |  |  |  | (6.2 | ) |  |  | 1.7 |  |  |  | 7.8 |  |  |  | (5.8 | ) |  |  | 2.0 |
Subtotal |  |  | 1,089.0 |  |  |  | (432.1 | ) |  |  | 656.9 |  |  |  | 1,068.4 |  |  |  | (415.5 | ) |  |  | 652.9 |
Total identifiable intangibles |  | $ | 1,190.2 |  |  | $ | (476.6 | ) |  | $ | 713.6 |  |  | $ | 1,169.6 |  |  | $ | (460.0 | ) |  | $ | 709.6 |

(2)
Accumulated amortization prior to the adoption of authoritative guidance on goodwill and other intangible assets, at which time further amortization ceased.

The Company's intangible amortization expense for the three months ended March 31, 2025 and 2024 was $11.3 million and $10.6 million, respectively.

Estimated amortization expense for amortizable intangible assets, as of March 31, 2025, for the current year and the next five years is as follows:

(in millions) |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | 2030 |
Estimated amortization expense(3) |  | $ | 45.3 |  |  | $ | 43.4 |  |  | $ | 41.0 |  |  | $ | 38.9 |  |  | $ | 37.2 |  |  | $ | 36.3 |

(3)
Actual amounts of amortization expense may differ from estimated amounts due to changes in foreign currency exchange rates, additional intangible asset acquisitions, impairment of intangible assets, accelerated amortization of intangible assets and other events.

Acquired Identifiable Intangibles

Buro Acquisition

The valuation of identifiable intangible assets of $5.7 million acquired in the Buro Acquisition includes an amortizable trade name "Buro," and amortizable customer relationships, which have been recorded at their estimated fair values. The fair value of the trade name was determined using the relief from royalty method, which is based on the present value of royalty fees derived from projected revenues. The fair value of the customer relationships was determined using the multi-period excess earning method which is based on the present value of the projected after-tax cash flows adjusted for contributory asset charges.

The allocation of the identifiable intangibles acquired in the Buro Acquisition was as follows:

(in millions) |  | Fair Value |  |  | Remaining Useful Life
Trade name |  | $ | 1.9 |  |  | 20 years
Customer relationships |  |  | 3.8 |  |  | 8 years
Total identifiable intangibles acquired |  | $ | 5.7 |  |  |

16

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

10. Restructuring

The Company recorded $2.3 million of net restructuring expense for the three months ended March 31, 2025, which were primarily for severance and other costs associated with our continuing footprint rationalization and cost reduction programs in both the Americas and International segments. The Company recorded a $0.3 million reduction in the restructuring provision for the three months ended March 31, 2024, which were primarily for severance related to cost reduction initiatives in the International segment.

The summary of the activity in the restructuring liability for the three months ended March 31, 2025 was as follows:

(in millions) |  | Balance at December 31, 2024 |  |  | Provision |  |  | Cash Expenditures |  | Non-cash Items/Currency Change |  |  | Balance at March 31, 2025 |
Employee termination costs(1) |  | $ | 26.6 |  |  | $ | 0.5 |  |  | $ | (7.8 | ) | $ | 0.2 |  |  | $ | 19.5 |
Other |  |  | — |  |  |  | 1.8 |  |  |  | (1.8 | ) |  | — |  |  |  | — |
Total restructuring liability |  | $ | 26.6 |  |  | $ | 2.3 |  |  | $ | (9.6 | ) | $ | 0.2 |  |  | $ | 19.5 |

(1)
We expect the remaining $19.5 million of employee termination costs to be substantially paid in the next nine months.

The summary of the activity in the restructuring liability for the three months ended March 31, 2024 was as follows:

(in millions) |  | Balance at December 31, 2023 |  |  | Provision |  |  | Cash Expenditures |  |  | Non-cash Items/Currency Change |  |  | Balance at March 31, 2024 |
Employee termination costs |  | $ | 27.5 |  |  | $ | (0.3 | ) |  | $ | (4.7 | ) |  | $ | (0.2 | ) |  | $ | 22.3 |
Other |  |  | 0.9 |  |  |  | — |  |  |  | (0.1 | ) |  |  | — |  |  |  | 0.8 |
Total restructuring liability |  | $ | 28.4 |  |  | $ | (0.3 | ) |  | $ | (4.8 | ) |  | $ | (0.2 | ) |  | $ | 23.1 |

11. Income Taxes

For the three months ended March 31, 2025, we recorded an income tax benefit of $3.3 million on a loss before taxes of $16.5 million. For the three months ended March 31, 2024, we recorded income tax expense of $1.0 million on a loss before taxes of $5.3 million. The $4.3 million decrease in tax expense was primarily driven by the decrease in income before taxes during the three months ended March 31, 2025, along with a $1.0 million decrease in discrete income tax expense during the first quarter of 2025, compared to the first quarter of 2024.

The U.S. federal statute of limitations remains open for the years 2021 and forward. Foreign and U.S. state jurisdictions have statutes of limitations generally ranging from 2 to 6 years. Years still open to examination by foreign tax authorities in major jurisdictions include Australia (2020 forward), Brazil (2020 forward), Canada (2019 forward), Germany (2020 forward), Sweden (2023 forward) and the U.K. (2023 forward). We are currently under examination in certain foreign and U.S. jurisdictions.

Organisation for Economic Co-operation and Development (“OECD”) Global Anti-Base Erosion Model Rules (Pillar Two)

Legislatures and taxing authorities in many jurisdictions in which we operate may enact changes to, or seek to enforce, novel interpretations of their tax rules. These changes may include modifications that can be temporary or permanent. For example, the Organisation for Economic Cooperation and Development (the "OECD"), the European Union and other countries (including countries in which we operate) have committed to enacting substantial changes to numerous long-standing tax principles impacting how large multinational enterprises are taxed. In particular, the OECD's Pillar Two initiative introduces a 15% global minimum tax (the "Global Minimum Tax") applied on a country-by-country basis and some jurisdictions have enacted a Global Minimum Tax effective January 1, 2024 while others are still evaluating the situation. As of March 31, 2025, there was

17

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

no impact to our effective tax rate resulting from the enactment of a Global Minimum Tax in the jurisdictions in which we operate. Management will continue to assess the impact and materiality of these potential new rules as well as any other changes in domestic and international tax rules and regulations.

Brazil Tax Assessments

In connection with our May 1, 2012, acquisition of the Mead Consumer and Office Products business ("Mead C&OP"), we assumed all of the tax liabilities for the acquired foreign operations including its operating entity in Brazil ("ACCO Brazil"). In December of 2012, the Federal Revenue Department of the Ministry of Finance of Brazil ("FRD") issued a tax assessment against ACCO Brazil, challenging the tax deduction of goodwill from ACCO Brazil's taxable income for the year 2007 (the "First Assessment"). A second assessment challenging the deduction of goodwill from ACCO Brazil's taxable income for the years 2008, 2009 and 2010 was issued by the FRD in October 2013 (the "Second Assessment" and together with the First Assessment, the "Brazil Tax Assessments").

The final administrative appeal of the Second Assessment was decided against the Company in 2017. In 2018, we challenged this decision to the first judicial level. In the fourth quarter of 2022, this case was decided against the Company by the first level judicial court. We have appealed this decision to the second judicial level. In the event we do not prevail at the judicial level, we will be required to pay an additional penalty representing attorneys' costs and fees; accordingly, in the first quarter of 2019, the Company recorded an additional reserve in the amount of $5.6 million. In connection with the judicial challenge, we were required to provide security to guarantee payment of the Second Assessment should we not prevail.

In the third quarter of 2020, the final administrative appeal of the First Assessment was decided against the Company, and we determined that we would challenge this decision. In 2022, we challenged this adverse decision in the tax authority's lawsuit at the judicial level seeking to collect the tax. In connection with the judicial challenge, we were required to provide security to guarantee payment of the First Assessment should we not prevail.

We believe we have meritorious defenses and intend to vigorously contest both of the Brazil Tax Assessments; however, there can be no assurances that we will ultimately prevail. The ultimate outcome will not be determined until the Brazilian judicial process is complete. It is possible we could have a final decision regarding the Second Assessment at any time in the next twelve to eighteen months. If the FRD's initial position is ultimately sustained, payment of the amount assessed would materially and adversely affect our cash flow in the year of settlement.

Because there is no settled legal precedent on which to base a definitive opinion as to whether we will ultimately prevail, we consider the outcome of these disputes to be uncertain. Since it is not more likely than not that we will prevail, in 2012, we recorded a reserve in the amount of $44.5 million (at December 31, 2012 exchange rates) in consideration of this contingency, of which $43.3 million was recorded as an adjustment to the purchase price, and which included the 2007-2012 tax years plus penalties and interest through December 2012.

During the third quarter of 2023, there was a change in Brazilian law which allowed us to seek a cancellation of the 75 percent standard penalty that would be payable in the event we do not prevail in our actions challenging the Brazil Tax Assessments. Following completion of the necessary administrative procedures, during the fourth quarter of 2023, the Company reduced its reserve for this contingency by $13.3 million, representing the amount of the cancelled penalties, as well as interest and other fees related to those penalties.

We will continue to actively monitor administrative and judicial court decisions and evaluate their impact, if any, on our legal assessment of the ultimate outcome of our disputes. In addition, we will continue to accrue interest related to this contingency until such time as the outcome is known or until evidence is presented that we are more likely than not to prevail. During the three months ended March 31, 2025 and 2024, we accrued additional interest as a charge to current income tax expense

18

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

of $0.2 million and $0.2 million, respectively. At current exchange rates, our accrual as of March 31, 2025, including tax, penalties and interest is $19.3 million (reported in "Other non-current liabilities").

12. Earnings per Share

The computation of earnings per share for the three months ended March 31, 2025 and 2024 was as follows:

|  | Three Months Ended March 31, |
(in millions except per share data) |  | 2025 |  |  | 2024 |
Net loss |  | $ | (13.2 | ) |  | $ | (6.3 | )
Determination of shares: |  |  |  |  |  |
Weighted-average number of common shares outstanding |  |  | 93.3 |  |  |  | 95.7 |
Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price |  |  | — |  |  |  | — |
Average common shares outstanding for fully diluted computation(1) |  |  | 93.3 |  |  |  | 95.7 |
Per share: |  |  |  |  |  |
Basic loss per share |  | $ | (0.14 | ) |  | $ | (0.07 | )
Diluted loss per share(1) |  | $ | (0.14 | ) |  | $ | (0.07 | )
Shares outstanding as of March 31, |  |  | 90.1 |  |  |  | 95.6 |

(1)
Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.

For the three months ended March 31, 2025 and 2024, approximately 9.5 million and 9.8 million shares, respectively were excluded from the computation of diluted earnings per share as their effect would have been anti-dilutive.

Under our stock repurchase program, during the three months ended March 31, 2025, we repurchased and retired 3.2 million shares, and during the three months ended March 31, 2024, we did no t repurchase or retire any shares. For each of the three months ended March 31, 2025 and 2024, we acquired 0.2 million and 0.4 million shares, respectively, related to tax withholding for share-based compensation.

13. Derivative Financial Instruments

We are exposed to various market risks, including changes in foreign currency exchange rates and interest rate changes. We enter into financial instruments to manage and reduce the impact of these risks, not for trading or speculative purposes. The counterparties to these financial instruments are major financial institutions. We continually monitor our foreign currency exposures in order to maximize the overall effectiveness of our foreign currency hedge positions. Principal currencies hedged against the U.S. dollar include the Euro, Australian dollar, Canadian dollar, Swedish krona, British pound and Japanese yen. We are subject to credit risk, which relates to the ability of counterparties to meet their contractual payment obligations or the potential non-performance by counterparties to financial instrument contracts. Management continues to monitor the status of our counterparties and will take action, as appropriate, to further manage our counterparty credit risk. There are no credit contingency features in our derivative financial instruments.

When hedge accounting is applicable, on the date we enter into a derivative, the derivative is designated as a hedge of the identified exposure. We measure the effectiveness of our hedging relationships both at hedge inception and on an ongoing basis.

Forward Currency Contracts

We enter into forward foreign currency contracts with third parties to reduce the effect of fluctuating foreign currencies, primarily on foreign denominated inventory purchases and intercompany loans. Our primary exposure to currency movements is

19

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

in the Euro, the Swedish krona, the British pound, the Brazilian real, the Australian dollar, the Canadian dollar, and the Mexican peso.

Forward currency contracts are used to hedge foreign denominated inventory purchases for Europe, Australia, Canada, Japan and New Zealand, and are designated as cash flow hedges. Unrealized gains and losses on these contracts are deferred in Accumulated Other Comprehensive Income (Loss) ("AOCI") until the contracts are settled and the underlying hedged transactions relating to inventory purchases are recognized, at which time the deferred gains or losses will be reported in the "Cost of products sold" line in the Consolidated Statements of Loss. As of March 31, 2025 and December 31, 2024, we had cash flow foreign exchange contracts outstanding with a U.S. dollar equivalent notional value of $80.7 million and $76.9 million, respectively, which were designated as hedges.

Forward currency contracts used to hedge foreign denominated intercompany loans are not designated as hedging instruments. Gains and losses on these derivative instruments are recognized within "Other expense (income), net" in the Consolidated Statements of Loss and are largely offset by the change in the current translated value of the hedged item. The periods of the forward foreign exchange contracts correspond to the periods of the hedged transactions, with some relating to intercompany loans which extend beyond March 2026. As of March 31, 2025 and December 31, 2024, we had foreign exchange contracts outstanding with a U.S. dollar equivalent notional value of $47.2 million and $73.6 million, respectively, which were not designated as hedges.

The following table summarizes the fair value of our derivative financial instruments as of March 31, 2025 and December 31, 2024:

|  | Fair Value of Derivative Instruments |
|  | Derivative Assets |  |  | Derivative Liabilities |
(in millions) |  | Balance Sheet Location |  | March 31, 2025 |  |  | December 31, 2024 |  |  | Balance Sheet Location |  | March 31, 2025 |  |  | December 31, 2024 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  | $ | 1.4 |  |  | $ | 4.0 |  |  | Other current liabilities |  | $ | 1.1 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | Other current assets |  |  | 0.7 |  |  |  | 0.3 |  |  | Other current liabilities |  |  | 0.1 |  |  |  | 0.3 |
Foreign exchange contracts |  | Other non-current assets |  |  | 1.5 |  |  |  | 9.0 |  |  | Other non-current liabilities |  |  | 1.5 |  |  |  | 9.0 |
Total derivatives |  |  |  | $ | 3.6 |  |  | $ | 13.3 |  |  |  |  | $ | 2.7 |  |  | $ | 9.3 |

The following tables summarize the pre-tax effect of our derivative financial instruments on the condensed consolidated financial statements for the three months ended March 31, 2025 and 2024:

|  | The Effect of Derivative Instruments in Cash Flow Hedging Relationships on the Consolidated Financial Statements |
|  | Amount of Gain (Loss) Recognized in AOCI (Effective Portion) |  |  | Location of (Gain) Loss Reclassified from AOCI to Income |  | Amount of (Gain) Loss Reclassified from AOCI to Income (Effective Portion) |
|  | Three months ended March 31, |  |  |  |  | Three months ended March 31, |
(in millions) |  | 2025 |  |  | 2024 |  |  |  |  | 2025 |  |  | 2024 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | (0.6 | ) |  | $ | 1.0 |  |  | Cost of products sold |  | $ | (2.0 | ) |  | $ | (0.4 | )

20

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

|  | The Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Financial Statements |
|  | Location of (Gain) Loss Recognized in Income on Derivatives |  | Amount of (Gain) Loss Recognized in Income |
|  |  |  | Three months ended March 31, |
(in millions) |  |  |  | 2025 |  |  | 2024 |
Foreign exchange contracts |  | Other expense (income), net |  | $ | 0.1 |  |  | $ | 1.3 |

14. Fair Value of Financial Instruments

In establishing a fair value, there is a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The basis of the fair value measurement is categorized in three levels, in order of priority, as described below:

Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or
| Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or
| Inputs other than quoted prices that are observable for the asset or liability
Level 3 | Unobservable inputs for the asset or liability

We utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

We have determined that our financial assets and liabilities described in "Note 13. Derivative Financial Instruments" are Level 2 in the fair value hierarchy. The following table sets forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:

(in millions) |  | March 31, 2025 |  |  | December 31, 2024 |
Assets: |  |  |  |  |  |
Forward currency contracts |  | $ | 3.6 |  |  | $ | 13.3 |
Liabilities: |  |  |  |  |  |
Forward currency contracts |  | $ | 2.7 |  |  | $ | 9.3 |

Our forward currency contracts are included in "Other current assets," "Other current liabilities," "Other non-current assets," or "Other non-current liabilities." The forward foreign currency exchange contracts are primarily valued based on the foreign currency spot and forward rates quoted by banks or foreign currency dealers. As such, these derivative instruments are classified within Level 2.

The fair values of cash and cash equivalents, notes payable to banks, accounts receivable and accounts payable approximate carrying amounts due principally to their short maturities. The carrying amount of total debt was $936.5 million and $839.7 million and the estimated fair value of total debt was $880.4 million and $789.4 million at March 31, 2025 and December 31, 2024, respectively. The fair values are determined from quoted market prices, where available, and from using current interest rates based on credit ratings and the remaining terms of maturity.

Nonrecurring Fair Value Measurements

On a non-recurring basis, we remeasure the fair value of the goodwill of our reporting units and of our trade name indefinite-lived intangibles if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred.

21

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

The fair value of our reporting units and trade names are considered Level 3 measurements. Level 3 measurements require significant unobservable inputs that are reflected in our assumptions. See "Note 9. Goodwill and Identifiable Intangible Assets" for more information.

15. Accumulated Other Comprehensive Income (Loss)

AOCI is defined as net income (loss) and other changes in stockholders’ equity from transactions and other events from sources other than stockholders. The components of, and changes in, AOCI were as follows:

(in millions) |  | Derivative Financial Instruments |  |  | Foreign Currency Adjustments |  |  | Unrecognized Pension and Other Post-retirement Benefit Costs |  |  | Accumulated Other Comprehensive Income (Loss) |
Balance at December 31, 2024 |  | $ | 2.1 |  |  | $ | (415.9 | ) |  | $ | (158.3 | ) |  | $ | (572.1 | )
Other comprehensive income (loss) before reclassifications, net of tax |  |  | (0.4 | ) |  |  | 31.4 |  |  |  | (3.0 | ) |  |  | 28.0 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax |  |  | (1.5 | ) |  |  | — |  |  |  | 1.5 |  |  |  | — |
Balance at March 31, 2025 |  | $ | 0.2 |  |  | $ | (384.5 | ) |  | $ | (159.8 | ) |  | $ | (544.1 | )

The reclassifications out of AOCI for the three months ended March 31, 2025 and 2024 were as follows:

|  | Three months ended March 31, |  |  |
(in millions) |  | 2025 |  |  | 2024 |  |  |
Details about Accumulated Other Comprehensive Income (Loss) Components |  | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) |  |  | Location on Income Statement
Gain (loss) on cash flow hedges: |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 2.0 |  |  | $ | 0.4 |  |  | Cost of products sold
Tax benefit |  |  | (0.5 | ) |  |  | (0.2 | ) |  | Income tax (benefit) expense
Net of tax |  | $ | 1.5 |  |  | $ | 0.2 |  |  |
Defined benefit plan items: |  |  |  |  |  |  |  |
Amortization of net actuarial loss(1) |  | $ | (1.6 | ) |  | $ | (1.8 | ) |  |
Amortization of prior service cost(1) |  |  | — |  |  |  | — |  |  |
Total before tax |  |  | (1.6 | ) |  |  | (1.8 | ) |  |
Tax benefit |  |  | 0.1 |  |  |  | 0.4 |  |  | Income tax (benefit) expense
Net of tax |  | $ | (1.5 | ) |  | $ | (1.4 | ) |  |
Total reclassifications for the period, net of tax |  | $ | — |  |  | $ | (1.2 | ) |  |

(1)
These AOCI components are included in the computation of net periodic benefit (income) cost for pension and post-retirement plans.

16. Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers in an amount reflective of the consideration we expect to receive in exchange for those goods or services. Taxes we collect concurrent with revenue producing activities are excluded from revenue. Incidental items incurred that are immaterial in the context of the contract are expensed.

22

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

At the inception of each contract, the Company assesses the products and services promised and identifies each distinct performance obligation. To identify the performance obligations, the Company considers all products and services promised regardless of whether they are explicitly stated or implied within the contract or by standard business practices.

Freight and distribution activities performed before the customer obtains control of the goods are not considered promised services under customer contracts and therefore are not distinct performance obligations. The Company has chosen to account for shipping and handling activities as a fulfillment activity, and therefore accrues the expense of freight and distribution in "Cost of products sold" when products are shipped.

As of December 31, 2024, there was $2.9 million of unearned revenue associated with outstanding service or extended maintenance agreements ("EMAs"), primarily reported in "Other current liabilities." During the three months ended March 31, 2025, $1.2 million of the unearned revenue was earned and recognized. As of March 31, 2025, the amount of unearned revenue from EMAs was $2.8 million. We expect to earn and recognize approximately $2.3 million of the unearned amount in the next 12 months and $0.5 million in periods beyond the next 12 months.

The following tables present our net sales disaggregated by regional geography, based upon our operating segments and our net sales disaggregated by the timing of revenue recognition for the three months ended March 31, 2025 and 2024:

|  | Three months ended March 31, |
(in millions) |  | 2025 |  |  | 2024 |
United States |  | $ | 127.8 |  |  | $ | 137.3 |
Canada |  |  | 14.2 |  |  |  | 18.2 |
Latin America |  |  | 31.9 |  |  |  | 41.7 |
ACCO Brands Americas |  |  | 173.9 |  |  |  | 197.2 |
EMEA(1) |  |  | 112.6 |  |  |  | 129.2 |
Australia/N.Z. |  |  | 23.3 |  |  |  | 25.1 |
Asia |  |  | 7.6 |  |  |  | 7.4 |
ACCO Brands International |  |  | 143.5 |  |  |  | 161.7 |
Net sales(2) |  | $ | 317.4 |  |  | $ | 358.9 |

(1) EMEA is comprised largely of Europe, but also includes export sales to the Middle East and Africa.

(2) Net sales are attributed to geographic areas based on the location of the selling subsidiaries.

|  | Three months ended March 31, |
(in millions) |  | 2025 |  |  | 2024 |
Product and services transferred at a point in time |  | $ | 309.2 |  |  | $ | 348.9 |
Product and services transferred over time |  |  | 8.2 |  |  |  | 10.0 |
Net sales |  | $ | 317.4 |  |  | $ | 358.9 |

23

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

17. Information on Operating Segments

The Company has two operating segments based in different geographic regions: Americas and International. Each operating segment designs, markets, sources, manufactures and sells recognized consumer, technology and business branded products used in schools, homes, and at work. Product designs are tailored to end-user preferences in each geographic region, and where possible, leverage common engineering, design and sourcing.

Our Chief Operating Decision Maker ("CODM"), which is our President and Chief Executive Officer, analyzes and evaluates the Company's financial results at the operating segment level to assess performance and allocate resources. This includes net revenue, gross margins, operating income, restructuring expense, components of working capital investments, and other ratio performance metrics. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

The Company's two operating segments are as follows:

Operating Segment |  | Geography |  | Primary Brands |  | Primary Products
ACCO Brands Americas |  | United States, Canada and Latin America |  | Five Star®, PowerA®, Tilibra®, AT-A-GLANCE®, Kensington®, Quartet®, GBC®, Mead®, Swingline®, Barrilito®, Foroni® and Hilroy® |  | Note taking products, computer and gaming accessories; planners, workspace machines, tools and essentials; and dry erase boards and accessories.
ACCO Brands International |  | EMEA, Australia/N.Z., and Asia |  | Leitz®, Rapid®, Kensington®, Esselte®, Rexel®, PowerA®, GBC®, NOBO®, Franken®, Derwent®, Marbig®, Artline®* and Spirax® *Australia/N.Z. only |  | Filing and organization products; workspace machines, tools and essentials; computer and gaming accessories; dry erase boards and accessories; and writing and art products.

Customers

We distribute our products through a wide variety of channels to ensure that our products are readily and conveniently available for purchase by consumers and other end-users, wherever they prefer to shop. These channels include mass retailers, e-tailers, discount, drug/grocery and variety chains, warehouse clubs, hardware and specialty stores, independent office product dealers, office superstores, wholesalers, contract stationers and specialist technology businesses. We also sell directly through e-commerce sites and our direct sales organization.

24

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

The operating results regularly provided to the CODM for our operating segments for the three months ended March 31, 2025 and 2024 were as follows:

| For The Three Months Ended March 31, 2025 |
| ACCO Brands Americas |  | ACCO Brands International |  | Total |
Net sales | $ | 173.9 |  | $ | 143.5 |  | $ | 317.4 |
Cost of products sold |  | 120.4 |  |  | 97.4 |  |  | 217.8 |
Gross profit |  | 53.5 |  |  | 46.1 |  |  | 99.6 |
Sales and marketing expenses(1) |  | 25.8 |  |  | 22.6 |  |  | 48.4 |
Administrative expenses(2) |  | 17.7 |  |  | 13.9 |  |  | 31.6 |
Restructuring |  | 1.8 |  |  | 0.5 |  |  | 2.3 |
All other(3) |  | 7.3 |  |  | 4.0 |  |  | 11.3 |
Segment operating income |  | 0.9 |  |  | 5.1 |  |  | 6.0 |
Corporate expense |  |  |  |  |  | 12.7 |
Total consolidated operating loss |  |  |  |  |  | (6.7 | )
Interest expense (income), net |  |  |  |  |  | 8.9 |
Non-operating pension expense |  |  |  |  |  | 0.5 |
Other expense, net |  |  |  |  |  | 0.4 |
Loss before income tax |  |  |  |  | $ | (16.5 | )

| For The Three Months Ended March 31, 2024 |
| ACCO Brands Americas |  | ACCO Brands International |  | Total |
Net Sales | $ | 197.2 |  | $ | 161.7 |  | $ | 358.9 |
Cost of products sold |  | 140.9 |  |  | 107.6 |  |  | 248.5 |
Gross profit |  | 56.3 |  |  | 54.1 |  |  | 110.4 |
Sales and marketing expenses(1) |  | 27.0 |  |  | 23.5 |  |  | 50.5 |
Administrative expenses(2) |  | 16.9 |  |  | 13.8 |  |  | 30.7 |
Restructuring |  | — |  |  | (0.3 | ) |  | (0.3 | )
All other(3) |  | 6.3 |  |  | 4.3 |  |  | 10.6 |
Segment operating income |  | 6.1 |  |  | 12.8 |  |  | 18.9 |
Corporate expense |  |  |  |  |  | 13.0 |
Total consolidated operating income |  |  |  |  |  | 5.9 |
Interest expense (income), net |  |  |  |  |  | 11.4 |
Non-operating pension expense |  |  |  |  |  | 0.4 |
Other income, net |  |  |  |  |  | (0.6 | )
Loss before income tax |  |  |  |  | $ | (5.3 | )

(1)
Sales and Marketing consists primarily of advertising, marketing, selling, customer service and research and development.
(2)
Admin expense consists primarily of executive, finance, information technology and human resources expenses.
(3)
All other expense primarily consists of amortization of intangibles.

25

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table presents the measure of operating segment assets used by the Company's CODM as of March 31, 2025 and December 31, 2024:

(in millions) |  | March 31, 2025 |  |  | December 31, 2024 |
ACCO Brands Americas |  | $ | 366.6 |  |  | $ | 418.0 |
ACCO Brands International |  |  | 194.6 |  |  |  | 201.3 |
Total segment assets(4) |  |  | 561.2 |  |  |  | 619.3 |
Goodwill |  |  | 468.7 |  |  |  | 446.4 |
Identifiable intangibles, net |  |  | 713.6 |  |  |  | 709.6 |
Property, plant and equipment, net |  |  | 139.2 |  |  |  | 137.5 |
Unallocated assets(5) |  |  | 385.9 |  |  |  | 315.6 |
Total assets |  | $ | 2,268.6 |  |  | $ | 2,228.4 |

(4)
Segment assets represent assets that are regularly provided to the CODM and consist of accounts receivable less allowances and inventory.
(5)
Unallocated assets consist primarily of cash, deferred taxes, derivatives, prepaid pension assets, prepaid debt issuances costs and right of use asset, leases.

Capital spend by operating segment as of March 31, 2025 and December 31, 2024:

(in millions) |  | March 31, 2025 |  |  | December 31, 2024 |
ACCO Brands Americas |  | $ | 3.2 |  |  | $ | 10.2 |
ACCO Brands International |  |  | 0.9 |  |  |  | 6.8 |
Total capital spend |  | $ | 4.1 |  |  | $ | 17.0 |

Depreciation expense by operating segment for three months ended March 31, 2025 and 2024 was as follows:

(in millions) |  | March 31, 2025 |  |  | March 31, 2024 |
ACCO Brands Americas |  | $ | 4.5 |  |  | $ | 5.0 |
ACCO Brands International |  |  | 2.2 |  |  |  | 2.4 |
Total depreciation |  | $ | 6.7 |  |  | $ | 7.4 |

Property, plant, and equipment, net by operating segment as of March 31, 2025 and December 31, 2024:

(in millions) |  | March 31, 2025 |  |  | December 31, 2024 |
U.S. |  | $ | 50.5 |  |  | $ | 51.1 |
Canada |  |  | 0.8 |  |  |  | 0.9 |
Latin America |  |  | 23.9 |  |  |  | 22.7 |
ACCO Brands Americas |  |  | 75.2 |  |  |  | 74.7 |
ACCO Brands EMEA |  |  | 54.8 |  |  |  | 53.5 |
Australia/N.Z. |  |  | 8.6 |  |  |  | 8.7 |
Asia-Pacific |  |  | 0.6 |  |  |  | 0.6 |
ACCO Brands International |  |  | 64.0 |  |  |  | 62.8 |
Property, plant and equipment, net |  | $ | 139.2 |  |  | $ | 137.5 |

26

ACCO Brands Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

18. Commitments and Contingencies

Pending Litigation - Brazil Tax Assessments

In connection with our May 1, 2012, acquisition of the Mead C&OP business, we assumed all of the tax liabilities for the acquired foreign operations including ACCO Brazil. For further information, see "Note 11. Income Taxes - Brazil Tax Assessments" for details on tax assessments issued by the FRD against ACCO Brazil challenging the tax deduction of goodwill from ACCO Brazil's taxable income for the years 2007 through 2010. If the FRD's initial position is ultimately sustained, payment of the amount assessed would materially and adversely affect our cash flow in the year of settlement.

Other Pending Litigation

We are party to various lawsuits and regulatory proceedings, primarily related to alleged patent infringement, as well as other claims incidental to our business. In addition, we may be unaware of third-party claims of intellectual property infringement relating to our technology, brands, or products, and we may face other claims related to business operations. Any litigation regarding patents or other intellectual property could be costly and time-consuming and might require us to pay monetary damages or enter into costly license agreements. We also may be subject to injunctions against development and sale of certain of our products.

It is the opinion of management that (other than the Brazil Tax Assessments) the ultimate resolution of currently outstanding matters will not have a material adverse effect on our financial condition, results of operations or cash flow. However, there is no assurance that we will ultimately be successful in our defense of any of these matters or that an adverse outcome in any matter will not affect our results of operations, financial condition or cash flow. Further, future claims, lawsuits and legal proceedings could materially and adversely affect our business, reputation, results of operations and financial condition.

27

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

Introduction

Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three months ended March 31, 2025 and 2024 should be read in conjunction with the unaudited condensed consolidated financial statements of ACCO Brands Corporation and the accompanying notes contained therein.

Overview of the Company

ACCO Brands is a leading global consumer, technology and business branded products company, providing well-known brands and innovative product solutions used in schools, homes and at work. These brands include At-A-Glance®, Barrilito®, Esselte®, Five Star®, Foroni®, GBC®, Hilroy®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Swingline®, Tilibra® and others. Our products are sold primarily in the U.S., Europe, Australia, Canada, Brazil and Mexico.

The Company has two operating segments Americas and International. Each operating segment designs, markets, sources, manufactures, and sells recognized consumer, technology and business branded products used in schools, homes and at work. Product designs are tailored to end-user preferences in each geographic region, and where possible, leverage common engineering, design, and sourcing.

Our product categories include gaming and computer accessories; storage and organization; notebooks; shredding; laminating and binding machines; stapling; punching; planners; dry erase boards; and do-it-yourself tools, among others. We distribute our products through a wide variety of channels to ensure that our products are readily and conveniently available for purchase by consumers and other end-users, wherever they prefer to shop. These channels include mass retailers, e-tailers, technology distributors, discount, drug/grocery and variety chains, warehouse clubs, hardware and specialty stores, independent office product dealers, office superstores, wholesalers, and contract stationers. We also sell directly through e-commerce sites and our direct sales organization.

Overview of Performance

The Company continues to be impacted by softer global demand, reflecting lower consumer and office spending due to the weak macroeconomic conditions and geopolitical instability. We expect these collective global trends to continue to impact our financial results.

During the first quarter, our net sales decreased $41.5 million, or 11.6 percent, compared to the prior year's first quarter. The decrease is due to lower global demand for certain office related products and gaming accessories. These declines were partially offset by growth in computer accessories. Gross margin increased 60 basis points reflecting a favorable sales mix and cost savings from our global footprint rationalization program.

We reported an operating loss of $6.7 million in the first quarter, compared to operating income of $5.9 million in the prior year's first quarter. The decline in operating results was primarily due to lower sales volume and higher restructuring expense.

Our operating cash flow for the first three months was cash provided of $5.5 million compared to cash provided of $28.2 million in the prior year primarily reflecting reductions in working capital. Our operating cash flow continues to be seasonal with a historic pattern of strong inflows during the second half of the year.

28

Consolidated Results of Operations for the Three Months Ended March 31, 2025 and 2024

|  | Three Months Ended March 31, |  | Amount of Change
(in millions, except per share data) |  | 2025 |  | 2024 |  | $ |  | %/pts |
Net sales |  | $317.4 |  | $358.9 |  | $(41.5) |  | (11.6)% |
Comparable sales (Non-GAAP)(1) |  | $329.1 |  | $358.9 |  | $(29.8) |  | (8.3)% |
Gross profit |  | 99.6 |  | 110.4 |  | (10.8) |  | (9.8)% |
Gross profit margin |  | 31.4 % |  | 30.8 % |  |  |  |  |
Selling, general and administrative expenses |  | 92.7 |  | 94.2 |  | (1.5) |  | (1.6)% |
Intangible amortization and other operating expense |  | 13.6 |  | 10.3 |  | 3.3 |  | 32.0 % |
Operating (loss) income |  | (6.7) |  | 5.9 |  | (12.6) |  | NM |
Operating (loss) income margin |  | (2.1)% |  | 1.6 % |  |  |  |  |
Interest expense, net |  | 8.9 |  | 11.4 |  | (2.5) |  | (21.9)% |
Non-operating pension and other expense, net |  | 0.9 |  | (0.2) |  | 1.1 |  | NM |
Loss before income tax |  | (16.5) |  | (5.3) |  | (11.2) |  | NM |
Income tax (benefit) expense |  | (3.3) |  | 1.0 |  | (4.3) |  | NM |
Effective tax rate |  | 20.0 % |  | (18.9)% |  |  |  |  |
Net loss |  | (13.2) |  | (6.3) |  | (6.9) |  | 109.5 % |
Diluted loss per share |  | $(0.14) |  | $(0.07) |  | $(0.07) |  | 100.0 % |

(1)
See reconciliation to GAAP contained in Part I, Item 2. "Supplemental Non-GAAP Financial Measure."

Net Sales

For the three months ended March 31, 2025, net sales decreased $41.5 million, or 11.6 percent, including $11.7 million, or 3.3 percent from adverse foreign exchange. Comparable net sales decreased 8.3 percent. The reported sales decline was driven by lower volume, which was down $30.1 million, or 8.4 percent, primarily due to lower global demand for certain office related products and gaming accessories, partly offset by growth in computer accessories.

Gross Profit

For the three months ended March 31, 2025, gross profit decreased $10.8 million, or 9.8 percent, primarily due to volume declines partly offset by improved product mix and savings from the impact of our global cost reduction actions. Adverse foreign exchange reduced gross profit by $3.6 million, or 3.3 percent.

Selling, General and Administrative Expenses ("SG&A")

For the three months ended March 31, 2025, SG&A decreased $1.5 million, or 1.6 percent. The decrease was due to favorable foreign exchange which reduced SG&A by $2.3 million, or 2.4 percent, as well as the positive impact of global cost reductions, offset by people costs.

Operating (Loss) Income

For the three months ended March 31, 2025, we reported an operating loss of $6.7 million, compared to operating income of $5.9 million in the prior year, primarily due to the impact of lower sales volume and higher restructuring costs partly offset by lower SG&A expense and positive sales mix. Adverse foreign exchange increased operating loss by $1.0 million, or 16.9 percent.

29

Interest Expense, Net

For the three months ended March 31, 2025, interest expense, net decreased $2.5 million, or 21.9 percent, primarily due to lower variable interest rates on lower variable debt balances versus the prior year. The weighted average interest rate on $361.5 million of outstanding variable rate debt as of March 31, 2025 decreased to 4.73 percent from 6.26 percent in the prior year.

Income Tax (Benefit) Expense

For the three months ended March 31, 2025, we recorded an income tax benefit of $3.3 million on a loss before taxes of $16.5 million. For the three months ended March 31, 2024, we recorded income tax expense of $1.0 million on a loss before taxes of $5.3 million.

See "Note 11. Income Taxes" for more information.

Segment Net Sales and Operating Income for the Three Months Ended March 31, 2025 and 2024

ACCO Brands Americas

|  | Three Months Ended March 31, |  | Amount of Change
(in millions) |  | 2025 |  | 2024 |  | $ |  | %/pts |
Net sales |  | $173.9 |  | $197.2 |  | $(23.3) |  | (11.8)% |
Comparable sales (Non-GAAP)⁽¹⁾ |  | $180.9 |  | $197.2 |  | $(16.3) |  | (8.3)% |
Segment operating income⁽²⁾ |  | 0.9 |  | 6.1 |  | (5.2) |  | (85.2)% |
Segment operating income margin |  | 0.5 % |  | 3.1 % |  |  |  |  |

(1)
See reconciliation to GAAP contained in Part I, Item 2. "Supplemental Non-GAAP Financial Measure."
(2)
Segment operating income excludes corporate costs. See "Part I, Item 1. Note 17. Information on Operating Segments" for a reconciliation of total "Segment operating income" to "Loss before income tax."

For the three months ended March 31, 2025, net sales decreased $23.3 million, or 11.8 percent, including $7.0 million, or 3.5 percent, from adverse foreign exchange. Comparable net sales decreased 8.3 percent. The reported sales decline was driven by lower volume, which was down $13.5 million, or 6.8 percent, primarily due to lower demand for technology accessories and certain consumer and business products. Price decreases of $2.7 million, or 1.4 percent also contributed to the decline.

For the three months ended March 31, 2025, we reported operating income of $0.9 million, a decrease of $5.2 million, primarily due to the impact of lower sales volume and $1.8 million of restructuring expense in the current year period. Adverse foreign exchange reduced operating income $0.6 million, or 9.8 percent.

30

ACCO Brands International

|  | Three Months Ended March 31, |  |  | Amount of Change
(in millions) |  | 2025 |  |  | 2024 |  |  | $ |  |  | %/pts |  |
Net sales |  | $ | 143.5 |  |  | $ | 161.7 |  |  | $ | (18.2 | ) |  |  | (11.3 | )% |
Comparable sales (Non-GAAP)⁽¹⁾ |  | $ | 148.2 |  |  | $ | 161.7 |  |  | $ | (13.5 | ) |  |  | (8.4 | )% |
Segment operating income⁽²⁾ |  |  | 5.1 |  |  |  | 12.8 |  |  |  | (7.7 | ) |  |  | (60.2 | )% |
Segment operating income margin |  |  | 3.6 | % |  |  | 7.9 | % |  |  |  |  |  |  |

(1)
See reconciliation to GAAP contained in Part I, Item 2. "Supplemental Non-GAAP Financial Measure."
(2)
Segment operating income excludes corporate costs. See "Part I, Item 1. Note 17. Information on Operating Segments" for a reconciliation of total "Segment operating income" to "Loss before income tax."

For the three months ended March 31, 2025, net sales decreased 11.3 percent, including $4.7 million, or 2.9 percent, from adverse foreign exchange. Comparable net sales decreased 8.4 percent. The reported sales decline was driven by lower volume, which was down $16.6 million, or 10.3 percent, primarily due to reduced business and consumer demand for office products, partly offset by growth in technology accessories and the benefit of price increases of $3.0 million, or 1.9 percent.

For the three months ended March 31, 2025, operating income decreased $7.7 million primarily due to lower sales volume, partly offset by cost savings and pricing actions. Adverse foreign exchange reduced operating income $0.4 million, or 3.1 percent.

Impact and Potential Impact of Tariffs

During the first quarter of 2025, the impact of the new U.S. and reciprocal tariffs on our business was not material to our condensed consolidated financial statements. We expect the environment to remain uncertain throughout 2025 until there is greater clarity on the tariffs and business and consumer demand. In reaction to the evolving tariff landscape, we have initiated a number of actions:

•
Implementing price increases,
•
In the near term, investing in inventory arriving from countries with lower tariffs,
•
Moving sourcing of our U.S. products to countries where we believe tariffs will be lower over the long term,
•
Evaluating our own manufacturing facilities to utilize existing capacity where it makes economic sense, and
•
Expanding our SKU rationalization in the U.S. and offering our customers item substitutions for high-cost products.

For further information on our risks related to the impact of tariffs, see "Part II, Item 1A. Risk Factors" of this Quarterly Report on Form 10-Q.

Liquidity and Capital Resources

Our primary liquidity needs are to support our working capital requirements, service indebtedness and fund capital expenditures, dividends, stock repurchases and acquisitions. Our principal sources of liquidity are cash flows from operating activities, cash and cash equivalents held, and seasonal borrowings under our $467.5 million multi-currency revolving credit facility (the "Revolving Facility"). As of March 31, 2025, there was $221.4 million in borrowings outstanding under the Revolving Facility ($18.5 million reported in "Current portion of long-term debt" and $202.9 million reported in "Long-term debt, net"), and the amount available for borrowings was $235.9 million (allowing for $10.2 million of letters of credit outstanding on that date). We had $134.6 million in cash on hand as of March 31, 2025.

As of March 31, 2025, our Consolidated Leverage Ratio was approximately 3.65 to 1.00 versus our maximum covenant of 4.50 to 1.00. We had no debt maturities before March 2029.

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Our priorities for cash flow use, after funding business operations, include debt reduction, dividends, share repurchases and funding strategic acquisitions.

The $361.5 million of debt currently outstanding under our senior secured credit facilities had a weighted average interest rate of 4.73 percent as of March 31, 2025, and the $575.0 million outstanding principal amount of our senior unsecured notes due March 2029 had a fixed interest rate of 4.25 percent.

Because of the seasonality of our business, generally our operating cash flow is generated in the second half of the year, as the cash inflows in the first and second quarters are consumed building working capital and making our annual performance-based compensation payments when earned. Our third and fourth quarter cash flows come from completing the working capital cycle.

Adequacy of Liquidity Sources

We believe that cash flow from operations, our current cash balance and other sources of liquidity, including borrowings available under our Revolving Facility, will be adequate to support our requirements for working capital and restructuring expenditures, and to service indebtedness for the foreseeable future.

Restructuring Activities

The Company may implement restructuring, realignment or cost-reduction plans and activities, including those related to integrating acquired businesses.

In January 2024, the Company announced a multi-year restructuring and cost savings program, with currently anticipated annualized pre-tax cost savings of approximately $100.0 million by the end of 2026. The program incorporates initiatives to simplify and delayer the Company's operating structure and reduce costs through headcount reductions, supply chain optimization, global footprint rationalization, and better leveraging the Company's sourcing capabilities.

For additional details, see "Note 10. Restructuring" to the condensed consolidated financial statements contained in "Part I, Item 1. Financial Information" of this Quarterly Report on Form 10-Q.

Cash Flow for the Three Months Ended March 31, 2025 and 2024

During the three months ended March 31, 2025, our cash and cash equivalents increased $60.5 million, as compared to an increase of $58.2 million in the first three months of the prior year. The following table summarizes our cash flows for the periods presented:

|  | Three Months Ended March 31, |  |  |  |
(in millions) |  | 2025 |  |  | 2024 |  |  | Amount of Change |
Net cash flow provided (used) by: |  |  |  |  |  |  |  |  |
Operating activities |  | $ | 5.5 |  |  | $ | 28.2 |  |  | $ | (22.7 | )
Investing activities |  |  | (12.3 | ) |  |  | (2.3 | ) |  |  | (10.0 | )
Net borrowings |  |  | 86.6 |  |  |  | 42.3 |  |  |  | 44.3 |
Dividends paid |  |  | (6.8 | ) |  |  | (7.2 | ) |  |  | 0.4 |
All other financing |  |  | (15.8 | ) |  |  | (1.9 | ) |  |  | (13.9 | )
Financing activities |  |  | 64.0 |  |  |  | 33.2 |  |  |  | 30.8 |
Effect of foreign exchange rate changes on cash and cash equivalents |  |  | 3.3 |  |  |  | (0.9 | ) |  |  | 4.2 |
Net increase in cash and cash equivalents |  | $ | 60.5 |  |  | $ | 58.2 |  |  | $ | 2.3 |

Cash Flow from Operating Activities

Cash provided by operating activities during the three months ended March 31, 2025, was driven by cash inflows of $13.1 million (excluding the non-cash impacts primarily of amortization of intangibles, depreciation, and stock-based compensation

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expense that are included in our net loss). Cash provided by trade working capital was $72.9 million, which includes accounts receivable, inventory, and accounts payable. This was more than offset by a net cash outflow of $80.5 million for all other assets and liabilities.

Cash provided by operating activities during the three months ended March 31, 2024, was driven by cash inflows of $17.5 million (excluding the non-cash impacts primarily of amortization of intangibles, depreciation, and stock-based compensation expense that are included in our net loss). Cash provided by trade working capital was $114.6 million, which includes accounts receivable, inventory, and accounts payable. This was partially offset by a net cash outflow of $103.9 million for all other assets and liabilities.

Cash Flow from Investing Activities

Cash used by investing activities during the three months ended March 31, 2025, was due to $10.1 million of cash used for the acquisition of Buro Seating as well as capital expenditures.

Cash used by investing activities during the three months ended March 31, 2024, was due to capital expenditures.

Cash Flow from Financing Activities

Cash provided by financing activities during the three months ended March 31, 2025, was primarily due to borrowings exceeding debt repayments, partially offset by dividend payments and $15.0 million in repurchases of common stock.

Cash provided by financing activities during the three months ended March 31, 2024, was primarily due to borrowings exceeding debt repayments, partially offset by dividend payments.

Supplemental Non-GAAP Financial Measure

To supplement our condensed consolidated financial statements presented in accordance with generally accepted accounting principles in the U.S. ("GAAP"), we provide investors with certain non-GAAP financial measures, including comparable sales. Comparable sales represent net sales excluding the impact of material acquisitions, if any, and with current-period foreign operation sales translated at prior-year currency rates. We sometimes refer to comparable sales as comparable net sales.

We use comparable sales both to explain our results to stockholders and the investment community and in the internal evaluation and management of our business. We believe comparable sales provide management and investors with a more complete understanding of our underlying operational results and trends, facilitate meaningful period-to-period comparisons and enhance an overall understanding of our past and future financial performance. Comparable sales should not be considered in isolation or as a substitute for, or superior to, GAAP net sales and should be read in connection with the Company's financial statements presented in accordance with GAAP.

The following tables provide a reconciliation of GAAP net sales as reported to non-GAAP comparable sales:

| Comparable Sales - Three Months Ended March 31, 2025
|  |  | Non-GAAP
(in millions) | GAAP Net Sales |  | Currency Translation | Comparable Sales
ACCO Brands Americas | $173.9 |  | $(7.0) | $180.9
ACCO Brands International | 143.5 |  | (4.7) | 148.2
Total | $317.4 |  | $(11.7) | $329.1

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| Amount of Change - Three Months Ended March 31, 2025 compared to the Three Months Ended March 31, 2024
| $ Change - Net Sales
|  |  | Non-GAAP
(in millions) | GAAP Net Sales Change |  | Currency Translation | Comparable Sales Change
ACCO Brands Americas | $(23.3) |  | $(7.0) | $(16.3)
ACCO Brands International | (18.2) |  | (4.7) | (13.5)
Total | $(41.5) |  | $(11.7) | $(29.8)

| % Change - Net Sales
|  |  | Non-GAAP
| GAAP Net Sales Change |  | Currency Translation | Comparable Sales Change
ACCO Brands Americas | (11.8)% |  | (3.5)% | (8.3)%
ACCO Brands International | (11.3)% |  | (2.9)% | (8.4)%
Total | (11.6)% |  | (3.3)% | (8.3)%

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See "Part II, Item 7A. Quantitative and Qualitative Disclosures about Market Risk" of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to Foreign Exchange Risk Management or Interest Rate Risk Management in the quarter ended March 31, 2025 or through the date of this report.

ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures.

As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation under the supervision of the Chief Executive Officer and the Chief Financial Officer, and with the participation of our Disclosure Committee, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended). Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of March 31, 2025.

(b) Changes in Internal Control over Financial Reporting.

There were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

There are various claims, lawsuits and pending actions against us incidental to our operations, including the income tax assessments against our Brazilian subsidiary, ACCO Brands Brasil Ltda. (the "Brazil Tax Assessments"), which is more fully described in "Part I, Item 1. Note 11. Income Taxes, Brazil Tax Assessments" to the Condensed Consolidated Financial Statements contained in this Quarterly Report on Form 10-Q.

It is the opinion of management that (other than the Brazil Tax Assessments) the ultimate resolution of currently outstanding matters will not have a material adverse effect on our financial condition, results of operations or cash flow. However, there is

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no assurance that we will ultimately be successful in our defense of any of these matters or that an adverse outcome in any matter will not affect our results of operations, financial condition or cash flow. Further, future claims, lawsuits and legal proceedings could materially and adversely affect our business, reputation, results of operations, and financial condition.

ITEM 1A. RISK FACTORS

Except as set forth below, there have been no material changes in our risk factors from those disclosed in "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024.

Changes in trade policy and regulations in the United States and other countries, including the imposition of tariffs and changes in trade agreements, and the resulting consequences, as well as the ongoing uncertainties related to future tariffs and trade policy, have, and are likely to continue to, adversely impact our business, results of operations and financial condition.

The U.S. government has implemented tariffs (including reciprocal tariffs) on a wide range of products and other goods from many countries, including China, and is considering additional tariffs and further changes to international trade policy. Other countries, including Canada, have implemented retaliatory tariffs in response to the new U.S. tariffs. A significant number of the products we sell and certain raw materials we use in our U.S. production facilities are sourced from China, Vietnam and other impacted countries, and we optimize our North American supply chain by, in some cases, consolidating inventories in the U.S. The existing tariffs have had, and are likely to continue to have an adverse impact on our business and operating results which may be material. In addition, the current uncertainty surrounding international trade policy and regulations as well as trade disputes and tensions between the U.S. and its trading partners has had, and is likely to have, an adverse effect on business and consumer confidence and spending which is affecting, and we expect will continue to affect, the demand for our products. We are constantly monitoring the tariffs and other changes and adjusting our manufacturing and distribution footprint globally to manage and mitigate these risks. In addition, we are implementing price increases as appropriate.

We cannot predict future trade policy and regulations in the U.S. and other countries or their impact on our business. There remains significant uncertainty regarding these policies and regulations, including whether and when further tariffs will be implemented or the tensions between the U.S. and its trading partners will worsen. Our ongoing efforts to address these risks may not be sufficient or effective, may take time to implement, and may have long-term adverse effects on our business and operating results. As a result, new or increased U.S. tariffs and other changes in global trade policies and regulations, and the continued uncertainty, are likely to have an adverse impact on our business, results of operations and financial condition which may be material.

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

(a) Not applicable.

(b) Not applicable.

(c) Common Stock Purchases

The following table provides information about our purchases of equity securities during the quarter ended March 31, 2025:

Period |  | Total Number of Shares Purchased |  |  | Average Price Paid per Share |  |  | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program(1) |  |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program(1) |
January 1, 2025 to January 31, 2025 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 90,645,698 |
February 1, 2025 to February 28, 2025 |  |  | 615,405 |  |  |  | 4.56 |  |  |  | 615,405 |  |  |  | 87,841,561 |
March 1, 2025 to March 31, 2025 |  |  | 2,589,939 |  |  |  | 4.71 |  |  |  | 2,589,939 |  |  |  | 75,645,700 |
Total |  |  | 3,205,344 |  |  | $ | 4.68 |  |  |  | 3,205,344 |  |  | $ | 75,645,700 |

(1)
Remaining value of shares available to be repurchased out of a $100 million share repurchase authorization announced by the Company on August 7, 2019.

The number of shares to be purchased, if any, and the timing of purchases will be based on the Company's stock price, leverage ratios, cash balances, general business and market conditions, and other factors, including alternative investment opportunities and working capital needs. The Company may repurchase its shares, from time to time, through a variety of methods, including open-market purchases, privately negotiated transactions and block trades or pursuant to repurchase plans designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Any stock repurchases will be subject to market conditions, SEC regulations and other considerations and may be commenced or suspended at any time or from time to time, without prior notice. Accordingly, there is no guarantee as to the number of shares, if any, that will be repurchased or the timing of such repurchases.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the three months ended March 31, 2025, no director or officer of the Company who is required to file reports under Section 16 of the Exchange Act informed us that he or she adopted, materially modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS

Exhibit Number |  | Description of Exhibit
10.1 |  | Transition Agreement, effective as of January 27, 2025, between the ACCO Brands Corporation and Pamela Schneider *
31.1 |  | Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
31.2 |  | Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
32.1 |  | Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 **
32.2 |  | Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 **
101.INS |  | Inline 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 |  | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
* |  | Filed herewith.
** |  | Furnished herewith.

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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.

REGISTRANT:
ACCO BRANDS CORPORATION
By: | /s/ Thomas W. Tedford
Thomas W. Tedford
President and Chief Executive Officer (principal executive officer)
By: | /s/ Deborah A. O'Connor
Deborah A. O'Connor
Executive Vice President and Chief Financial Officer (principal financial officer)
By: | /s/ James M. Dudek, Jr.
James M. Dudek, Jr.
Senior Vice President, Corporate Controller and Chief Accounting Officer (principal accounting officer)

Date: May 2, 2025

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