Slide 1: Second Quarter 2025 Earnings
Second Quarter 2025 Earnings August 6, 2025 © 2025 Deluxe Corporation
Slide 2: Brian Anderson
Brian Anderson Vice President, Strategy & Investor Relations 2
Slide 3: Today’s Presenters
Today’s Presenters Barry McCarthy Chip Zint Brian Anderson President and Senior Vice President and Vice President, Chief Executive Officer Chief Financial Officer Strategy & Investor Relations 3
Slide 4: Cautionary Statement
Cautionary Statement Statements made in this presentation regarding Deluxe, the company’s,or management’s intentions, expectations, outlook, or predictions about future results or events are considered “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These sta
Slide 5: Barry McCarthy
Barry McCarthy President and Chief Executive Officer 5
Slide 6: Q2'25 Financial Highlights
Q2'25 Financial Highlights (in millions) -3.1% -2.5% +9.3% +3.0% +4.6% 6
Slide 7: Q2'25 Highlights
Q2'25 Highlights Strong cash- & profit-metric growth offset non-core Print revenue headwinds 7
Slide 8: YTD Q2'25 Financial Overview
YTD Q2'25 Financial Overview Revenue mix shifting towards Payments and Data 8
Slide 9: Long-term Value Creation Algorithm
Long-term Value Creation Algorithm 9
Slide 10: Chip Zint
Chip Zint Chief Financial Officer 10
Slide 11: Q2'25 Financial Summary
Q2'25 Financial Summary TOTAL REVENUE NET INCOME Adjusted EBITDA Adj. EBITDA margin Adj. Diluted EPS $521.3M $22.4M $106.5M 20.4% $0.88 Down 3.1% Or $0.50 per share Increased 4.6% Increased 140 Up 3.5% versus Q2'24; on a diluted basis; versus Q2'24 basis points compared to Comparable Up from $20.5M,
Slide 12: Merchant Services
Merchant Services Payment Processing & Omnichannel Payments Terminals & Devices Reporting (in millions) +2.9% +13.0% Adjusted EBITDA margin was 21.4%, up 190 basis points year-over- year on lower operating expenses and overall channel mix 12
Slide 13: B2B Payments
B2B Payments Treasury Management B2B/Digital Payments Fraud & Security Receivables as a Service Payables as a Service Protection (in millions) +1.1% +11.4% Adjusted EBITDA margin was 22.0%, up 210 basis points year-over- year on lockbox operating efficiencies and overall lower SG&A 13
Slide 14: Data Solutions
Data Solutions Data Driven Marketing Data Analytics and SMB SaaS Solutions (in millions) +18.1% +29.1% Adjusted EBITDA margin was 30.1%, up 260 basis points year-over-year driven by favorable DDM campaign mix and operating expense management alongside strong revenues 14
Slide 15: Print - Revenue by Category
Print - Revenue by Category Consumer and Extensive range of Web Storefront Platform Business Essentials for Branded Products Business Checks Promotional offerings Check and Forms & Business Products: blended decline rates in-line with segment guidance Promotional Solutions: YTD outsized declines //
Slide 16: Print
Print Consumer and Extensive range of Web Storefront Platform Business Essentials for Branded Products Business Checks Promotional offerings (in millions) -9.0% -3.7% Adjusted EBITDA margin was 32.2%, expanding 180 basis points year-over-year on segment mix and continuing strong operating efficiency
Slide 17: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Net Debt to Adjusted EBITDA Free Cash Flow (in millions) (in millions) For the 12 Months Ended For the Six Months Ended 6/30/2025 12/31/2024 Variance 6/30/2025 06/30/2024 Variance Cash Provided by Net Debt $1,444.6 $1,468.7 ($24.1) $101.4 $66.2 $35.2 Operating Activities
Slide 18: Capital Structure - Debt maturity ladder
Capital Structure - Debt maturity ladder 18
Slide 19: 2025 Guidance
2025 Guidance Declared regular dividend of $0.30 per share Additional modeling assumptions: ◦ Interest expense of approximately $122.5 million ◦ Adjusted tax rate of 26% ◦ Depreciation and amortization of $135 million, of which acquisition amortization is approximately $45 million ◦ Average outstand
Slide 20: Long-term Value Creation Algorithm
Long-term Value Creation Algorithm 20
Slide 21: Questions
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Slide 22: Brian Anderson
Brian Anderson Vice President, Strategy & Investor Relations 22
Slide 23: Upcoming Conferences/Events
Upcoming Conferences/Events 23
Slide 24: Appendix
Appendix dlx
Slide 25: Consolidated Condensed Statements of Income
Consolidated Condensed Statements of Income in millions, except per share amounts (Unaudited) Quarter Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $521.3 $537.8 $1,057.7 $1,072.8 Cost of revenue (242.0) (249.0) (497.4) (500.5) Gross profit 279.3 288.8 560.3 572.3 Selling, gen
Slide 26: Segment Information
Segment Information in millions (Unaudited) Quarter Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue: Merchant Services $101.4 $98.5 $199.2 $195.0 B2B Payments 71.0 70.2 141.1 139.7 Data Solutions 67.8 57.4 145.1 117.1 Print 281.1 308.8 572.3 612.1 Business exits(1) — 2.9 — 8.9 T
Slide 27: Q2'25 Revenue by Category
Q2'25 Revenue by Category in millions (Unaudited) Quarter Ended June 30, 2025 Merchant B2B Data All Services Payments Solutions Print Other(1) Consolidated Checks $— $— $— $173.7 $— $173.7 Merchant services 101.4 — — — — 101.4 Data-driven marketing — — 63.0 — — 63.0 Forms and other business products
Slide 28: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin in millions (Unaudited) Quarter Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income $22.4 $20.5 $36.5 $31.3 Non-controlling interest — — (0.1) — Interest expense 30.9 30.2 62.2 61.0 In
Slide 29: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Q2 2025 dollars and shares in millions, except per share amounts (Unaudited) Share-based Income tax Q2 2025 Acquisition Restructuring and compensation impact of Q2 2025 GAAP amortization integration expense expense adjustments Adjust
Slide 30: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Q2 2024 dollars and shares in millions, except per share amounts (Unaudited) Acquisition Gain on and Restructuring Share-based sale of Income tax Q2 2024 accelerated and integration compensation businesses/ impact of Q2 2024 GAAP amo
Slide 31: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - June YTD 2025 dollars and shares in millions, except per share amounts (Unaudited) Restructuring Share-based Certain legal / Income tax June YTD 2025 Acquisition and integration compensation environmental impact of June YTD 2025 GAAP
Slide 32: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - June YTD 2024 dollars and shares in millions, except per share amounts (Unaudited) Acquisition Gain on and Restructuring Share-based Certain legal / sale of Income tax June YTD 2024 accelerated and integration compensation environmen
Slide 33: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Comparable Adjusted Revenue / Comparable Adjusted EBITDA / Comparable Adjusted EBITDA Margin in millions (Unaudited) Quarter Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $521.3 $537.8 $1,057.7 $1,072.8 Business exits — (2.9) — (8.9)
Slide 34: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Comparable Adjusted Revenue / Comparable Adjusted EBITDA / Comparable Adjusted EPS Outlook (Unaudited) Total Year 2025 Outlook 2024 Actual (in billions) Revenue $2.090 - $2.155 $2.122 Less: Business exits — (0.011) Comparable adjusted revenue $2.090 - $2.1
Slide 35: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Net Debt to Adjusted EBITDA dollars in millions (Unaudited) December 31, June 30, 2025 2024 Total debt $1,470.6 $1,503.1 Cash and cash equivalents (26.0) (34.4) Net debt $1,444.6 $1,468.7 TRAILING 12 MONTHS ADJUSTED EBITDA: 12 Months Ended 12 Months Ended
Slide 36: Free Cash Flow
Reconciliation of GAAP to Non-GAAP Measures Free Cash Flow in millions (Unaudited) Quarter Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net cash provided by operating activities $51.1 $39.6 $101.4 $66.2 Purchases of capital assets (23.3) (28.2) (49.3) (48.6) Free cash flow $27.8 $11.
Slide 37: deluxe.
deluxe.