Deluxe Corporation · NYSE:DLX
Deluxe — Q4 2025 Earnings Presentation
36 slides from Deluxe's earnings presentation, Jan 28, 2026
Slide 1: Fourth Quarter and Full Year 2025 Earnings
Fourth Quarter and Full Year 2025 Earnings January 28, 2026 © 2026 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: Full Year 2025 Financial Highlights
Full Year 2025 Financial Highlights (in millions) +0.5% +1.1% +55.4% +4.7% +6.2% 6
Slide 7: Full Year 2025 Highlights
Full Year 2025 Highlights Organic growth in revenue & earnings; Improved leverage ratio on strong FCF • Data Solutions Revenue +31.3% vs. '24 DRIVE PAYMENTS & • Merchant Services Revenue +3.8% vs. '24 DATA GROWTH • B2B Payments Revenue +0.9% vs. '24 • Print Revenue (5.7%); Check Rev (1.8%) vs. '24 •
Slide 8: Full Year 2025 Financial Overview
Full Year 2025 Financial Overview Revenue mix shifting towards Payments and Data LEGACY PRINT BUSINESSES PAYMENTS & DATA BUSINESSES CORPORATE OUR BUSINESSES Promotional Merchant B2B Checks Products Services Payments Data Corporate FY2025 REVENUE $1.14 billion $996 million - Rev % of Total DLX 53.3%
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: Full Year 2025 Financial Summary
Full Year 2025 Financial Summary REVENUE NET INCOME Adjusted EBITDA Adj. EBITDA margin Adj. Diluted EPS $2.13B $82.2M $431.5M 20.2% $3.61 Up 0.5% Or $1.80 per share Increased 6.2% Increased 90 Up 10.7% versus 2024; on a diluted basis; versus 2024 basis points compared to Comparable Up from $52.9M in
Slide 12: Merchant Services
Merchant Services Payment Processing & Omnichannel Payments Terminals & Devices Reporting (in millions) +3.8% +9.4% +6.3% +10.4% Adjusted EBITDA margin for 2025 was 21.6%, up 120 basis points year-over-year, driven by revenue growth & on-going cost efficiencies 12
Slide 13: B2B Payments
B2B Payments Treasury Management B2B/Digital Payments Fraud & Security Protection Receivables as a Service Payables as a Service (in millions) +0.9% +12.8% +4.5% +29.0% Adjusted EBITDA margin for 2025 was 22.2%, up 240 basis points year-over-year, driven by operating and SG&A efficiencies and volume
Slide 14: Data Solutions
Data Solutions Data Analytics Data Driven Marketing SMB SaaS Solutions (in millions) +31.3% +42.8% +30.6% +40.7% 2025 revenue growth on strong core FI and adjacent market customer campaign activity Adjusted EBITDA margin for 2025 was 28.1%, up 220 basis points year-over-year, driven by strong volume
Slide 15: Print - Revenue by Category
Print - Revenue by Category Consumer and Extensive range of Web Storefront Platform Business Essentials Business Checks Promotional offerings for Branded Products (in millions) — -1.8% -1.5% -3.0% -5.9% -6.5% -11.2% -15.3% Check and Forms & Business Products: blended decline rates in-line with segme
Slide 16: Print
Print Consumer and Web Storefront Platform Extensive range of Business Essentials Business Checks for Branded Products Promotional offerings (in millions) -5.7% -2.6% -3.8% -2.3% Adjusted EBITDA margin for 2025 was 32.3%, up 100 basis points year-over-year, on overall segment mix and operating effic
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 12 Months Ended 12/31/2025 12/31/2024 Variance 12/31/2025 12/31/2024 Variance Cash Provided by Net Debt $1,392.5 $1,468.7 ($76.2) $270.6 $194.3 $76.3 Operating Activitie
Slide 18: 2026 Guidance
2026 Guidance Declared regular dividend of $0.30 per share Additional modeling assumptions: • Interest expense of approximately $110 million • Adjusted tax rate of 26% • Depreciation and amortization of $135 million, of which acquisition amortization is approximately $45 million • Average outstandin
Slide 19: Long-term Value Creation Algorithm
Long-term Value Creation Algorithm 19
Slide 20: dlx
» « dlx
Slide 21: Brian Anderson
Brian Anderson Vice President, Strategy & Investor Relations 21
Slide 22: Upcoming Conferences/Events
Upcoming Conferences/Events 22
Slide 23: Appendix
Appendix dlx
Slide 24: Consolidated Condensed Statements of Income
Consolidated Condensed Statements of Income in millions, except per share amounts (Unaudited) Quarter Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenue $535.3 $520.5 $2,133.2 $2,121.8 Cost of revenue (256.0) (248.2) (1,002.5) (995.3) Selling, general and administrative expense (
Slide 25: Segment Information
Segment Information in millions (Unaudited) Quarter Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Revenue: Merchant Services $101.5 $95.5 $398.6 $384.0 B2B Payments 76.3 73.0 290.5 287.9 Data Solutions 73.0 55.9 307.3 234.0 Print 284.5 295.7 1,136.8 1,205.1 Business exits(1) — 0.4 —
Slide 26: Full Year Revenue by Category
Full Year Revenue by Category in millions (Unaudited) Year Ended December 31, 2025 Merchant B2B Data All Services Payments Solutions Print Other(1) Consolidated Checks — $— $— $690.0 $— $690.0 Merchant services 398.6 — — — — 398.6 Data-driven marketing — — 288.1 — — 288.1 Forms and other business pr
Slide 27: 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 December 31, Year Ended December 31, 2025 2024 2025 2024 Net income $12.0 $12.6 $82.2 $52.9 Non-controlling interest — — (0.1) (0.1) Interest expense 29.3 32.4 122.0
Slide 28: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Q4 2025 dollars and shares in millions, except per share amounts (Unaudited) Restructuring Share-based Asset Certain legal Income tax Q4 2025 Acquisition and integration compensation impairment /environmental impact of Q4 2025 GAAP a
Slide 29: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Q4 2024 dollars and shares in millions, except per share amounts (Unaudited) Gain on sale of Acquisition businesses & and Restructuring Share-based Asset assets / loss Income tax Q4 2024 accelerated and integration compensation impai
Slide 30: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Full Year 2025 dollars and shares in millions, except per share amounts (Unaudited) Restructuring Share-based Asset Certain legal / Income tax Full Year 2025 Acquisition and integration compensation impairment environmental impact of
Slide 31: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Full Year 2024 dollars and shares in millions, except per share amounts (Unaudited) Gain on sale of Acquisition businesses/ Full Year and Restructuring Share-based Asset assets & Income tax Full Year 2024 accelerated and integration
Slide 32: 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 December 31, Year Ended December 31, 2025 2024 2025 2024 Revenue $535.3 $520.5 $2,133.2 $2,121.8 Business exits — (0.4) — (10
Slide 33: 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) Full Year 2026 Outlook 2025 Actual (in billions) Revenue $2.11 - $2.175 $2.13 Less: Business exits — — Comparable adjusted revenue $2.11 - $2.175 $2.13 C
Slide 34: 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, December 31, 2025 2024 Total debt $1,429.4 $1,503.1 Cash and cash equivalents (36.9) (34.4) Net debt $1,392.5 $1,468.7 TRAILING 12 MONTHS ADJUSTED EBITDA: 12 Months Ended 12 Months En
Slide 35: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Free Cash Flow in millions (Unaudited) Year Ended December 31, 2025 2024 Net cash provided by operating activities $270.6 $194.3 Purchases of capital assets (95.3) (94.3) Free cash flow $175.3 $100.0 35
Slide 36: deluxe.
deluxe.