Donnelley Financial Solutions, Inc. · NYSE:DFIN

Donnelley Financial Solutions — Q2 2025 Earnings Presentation

52 slides from Donnelley Financial Solutions's earnings presentation, Jul 31, 2025

  1. Slide 1: Investor Presentation

    Investor Presentation July 2025 DFINsolutions.com © 2025 DFIN. All rights reserved This presentation is the intellectual property of DFIN. The ideas expressed in it may not be adopted or reproduced without prior permission from and compensation to DFIN.

  2. Slide 2: Forward Looking Statements and Use of Non-GAAP Financial Measures

    Forward Looking Statements and Use of Non-GAAP Financial Measures USE OF FORWARD-LOOKING STATEMENTS This presentation includes certain “forward-looking statements” within the meaning of, and subject to the safe harbor created by, Section 21E of the Securities Exchange Act of 1934, as amended, with r

  3. Slide 3: DFIN is a Leader in Assisting Companies with Their Regulatory Reporting Requirements

    DFIN is a Leader in Assisting Companies with Their Regulatory Reporting Requirements DFIN’s portfolio of software solutions and staff of #1 #1 #1 #2 regulatory experts assist corporations and money SEC Filing SEC Filing Content Management Compliance Filing managers with the creation, formatting, fil

  4. Slide 4: We Provide a Comprehensive Suite of Offerings in Each of our Segments

    We Provide a Comprehensive Suite of Offerings in Each of our Segments Business Unit Services Provided Capital • Software Solutions: ActiveDisclosure is a SaaS-based product utilized by corporate clients who wish to Markets manage their own SEC filings using purpose-built financial reporting software

  5. Slide 5: Key Investment Highlights

    Key Investment Highlights Growing $341 million of software sales in Q2 2025 TTM, expected to grow at a double-digit rate annually Software Sales Shifting Growth of high-margin software solutions is offsetting declining low-margin print & distribution Revenue Mix Leading #1, #2 or #3 share position i

  6. Slide 6: Proven Track Record of Strong Performance Post-Spin

    Proven Track Record of Strong Performance1 Post-Spin Total Revenue and Revenue Mix Profitability 350 983.5 894.5 993.3 833.6 797.2 781.9 755.0 29.7% 35.0% 300 +1,270 bps 21% 21% 21% 17% 16% 294.8 29.1% 27.8% 30.0% $ millions $ millions 39% 32% 250 26.2% 26.0% 41% 39% 25.0% 46% 42% 200 19.4% 218.3 21

  7. Slide 7: Segment Overview

    Segment Overview Capital Markets Investment Companies Software Compliance & Software Compliance & Communications Communications Solutions Management Solutions Management Tech-enabled Services Tech-enabled Services Revenue Type(s) Software Solutions Software Solutions Print & Distribution Print & Dis

  8. Slide 8: Financial Snapshot

    Financial Snapshot Capitalization Q2 2025 TTM Company Revenue Mix by Type $ in millions, except per share amounts Share Price (7.28.25) $65.13 Recurring / Diluted Shares Outstanding (Q2 2025) 28.2 Reoccurring Event-Driven Total Revenue Market Capitalization $1,836.7 CM Software Solutions $214M $- $2

  9. Slide 9: Valuation Framework – Sum of the Parts View

    Valuation Framework – Sum of the Parts View Business Description Methodology Revenue / EBITDA multiple Venue Leading data room provider Comp: Intralinks (SS&C) & Datasite  Software Markets Capital Revenue multiple ActiveDisclosure Recurring SaaS-based product Comp: Workiva EBITDA multiple  Complia

  10. Slide 10: Capital Markets Business Unit Overview

    Capital Markets Business Unit Overview Leading provider of solutions to public and private companies subject to SEC reporting Q2 2025 TTM Revenue Mix requirements ($ in millions) • Number one SEC filer in the U.S. Recurring/Reoccurring $128 25% Event-Driven $166 33% • Specialized proxy offering and

  11. Slide 11: Investment Companies Business Unit Overview

    Investment Companies Business Unit Overview Leading provider of regulatory disclosure and shareholder communications for mutual funds, alternative Q2 2025 TTM Revenue Mix investment funds, investment-insurance companies. ($ in millions) • Number one filer for investment companies’ regulatory documen

  12. Slide 12: Historical Event-Driven Revenue – Capital Markets and Investment Companies

    Historical Event-Driven Revenue – Capital Markets and Investment Companies $450M $416M 2016-2024 $400M $11M Average: $278M $350M $302M $289M $299M $263M $296M Median: $289M Range: $187M - $416M $300M $9M $18M $9M $14M $246M $250M $13M $9M $202M $200M $405M $187M $16M $175M $10M $9M $150M $293M $290M

  13. Slide 13: DFIN's Software Revenue Growth and Profitability

    DFIN’s Software Revenue Growth and Profitability Q2 2025 TTM Revenue 2016 – 2024 $330M $341M ~13% CAGR1 $293M $270M $280M 68.1% 61.0% 62.9% 67.4% $80M 59.4% $200M $126M $178M $189M $157M 53.1% $136M 44.9% 46.2% $134M 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 TTM Software Revenue and Gross

  14. Slide 14: Delivering Strong and Expanding Gross Margin

    Delivering Strong and Expanding Gross Margin 1 Non-GAAP Gross Profit and Non-GAAP Gross Margin % $600M 70% 62.5% 65% $500M 61.9% $165M 58.2% 60% $400M 55.6% 58.4% $222M 55% $106M $232M $80M $166M $184M $300M $88M 50% 44.6% $264M $284M $357M 45% $200M $209M $182M $233M $240M $209M 38.2% $200M $182M 4

  15. Slide 15: Strong Track-Record of Shareholder Friendly Activity

    Strong Track-Record of Shareholder Friendly Activity Reduced leverage • Utilized strong free cash flow and proceeds from assets sales to pay down debt • Reduced non-GAAP net leverage from 3.4x at year-end 2016 to 0.7x as of 6/30/25 Efficient Capital Structure • Debt instruments are 100% variable, co

  16. Slide 16: Capital Deployment Priorities Going Forward

    Capital Deployment Priorities Going Forward • Expect capital spending of ~$60 million per year (on average) from 2024 to 2028 1. Capital • Spending to be higher in the near term, then moderate over time Expenditures • Substantially all Capex is related to software development and the supporting tech

  17. Slide 17: Summary of Long-Term Financial Projections

    Summary of Long-Term Financial Projections Long-Term Historical1 Commentary Projection2 • Sales mix continues to evolve Total Sales Growth -2.2% CAGR • Recurring/Reoccurring revenue growth more than offsets flat event-driven Low-single-digit Pro forma3,4 +1.3% CAGR revenue, driving consolidated sale

  18. Slide 18: Second-Quarter 2025 Overview

    Fourth-Quarter 2023 Overview Second-Quarter 2025 Overview 17

  19. Slide 19: Second-Quarter 2025 Highlights

    Second-Quarter 2025 Highlights Financial Highlights Business Highlights • Q2 2025 Software Solutions net sales of $92.2 million, an increase of 7.7% from • Repurchased approximately 787k shares of common stock during Q2 2025 for Q2 2024 $34.3 million, at an average price of $43.56 per share • ~15% g

  20. Slide 20: Second-Quarter 2025 Net Sales Summary

    Second-Quarter 2025 Net Sales Summary Net Sales Summary Supplemental Net Sales Detail $ millions (as reported) Net sales summary $ millions (as reported) Q2 2024 Q2 2025 % Change % Change (Organic)1 $260 1.8 Software Solutions $85.6 $92.2 7.7% 7.2% $240 Tech-Enabled Services 102.2 85.2 (16.6%) (16.7

  21. Slide 21: Second-Quarter 2025 Cash Flow Summary

    Second-Quarter 2025 Cash Flow Summary $ millions FY Free Cash Flow Considerations Q2 2023 2024 2024 2025 • Cash interest: variable interest rate subject to Non-GAAP Adjusted EBITDA $207.4 $217.3 external rate environment $87.2 $76.3 Cash interest (16.6) (13.3) (4.7) (3.7) • Capital spending: we expe

  22. Slide 22: Supplemental Trending Schedules

    Supplemental Trending Schedules Supplemental Trending Schedules 21

  23. Slide 23: Forward Looking Statements and Use of Non-GAAP Financial Measures

    Forward Looking Statements and Use of Non-GAAP Financial Measures USE OF FORWARD-LOOKING STATEMENTS This presentation includes certain “forward-looking statements” within the meaning of, and subject to the safe harbor created by, Section 21E of the Securities Exchange Act of 1934, as amended, with r

  24. Slide 24: Capital Markets Trending Schedule

    Capital Markets Trending Schedule 2019 1 2020 2021 2022 2023 2024 2025 Q2 2025 $M USD Annual Annual Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 TTM Software Solutions Net Sales: Venue $ 70.8 $ 72.3 105.3 $ 23.7 $ 25.2 $ 25.7 $ 24.2 98.9 $ 23.5 $ 27.4 $ 27.9 $ 30.5 $ 109.4 $

  25. Slide 25: Investment Companies Trending Schedule

    Investment Companies Trending Schedule 2019 1 2020 2021 2022 2023 2024 2025 Q2 2025 $M USD Annual Annual Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 TTM Software Solutions Net Sales: Arc Suite $ 62.6 $ 67.0 $ 89.0 $ 25.1 $ 25.3 $ 23.7 $ 25.3 $ 99.4 $ 26.4 $ 28.0 $ 26.7 $ 25

  26. Slide 26: Consolidated DFIN Trending Schedule

    Consolidated DFIN Trending Schedule 2019 1 2020 2021 2022 2023 2024 2025 Q2 2025 $M USD Annual Annual Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 Q3 Q4 Annual Q1 Q2 TTM Consolidated DFIN Net Sales: Software Solutions $ 189.3 $ 200.2 $ 270.0 $ 69.8 $ 71.6 $ 69.5 $ 68.7 $ 279.6 $ 70.1 $ 75.7 $

  27. Slide 27: Supplemental Software Metrics

    Supplemental Software Metrics 2023 2024 2025 $M USD Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 ActiveDisclosure Net Sales: Software Subscription Net Sales $ 14.0 $ 14.1 $ 13.8 $ 13.5 $ 14.0 $ 14.4 $ 14.6 $ 14.3 $ 14.3 $ 14.0 Total Services, Support & Other Net Sales 5.0 5.3 3.7 3.3 5.3 5.2 3.4 4.5 7.0 7.8 Total

  28. Slide 28: Appendix

    Appendix Appendix 27

  29. Slide 29: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Re conciliation of Ne t Earnings (Loss) to Adjuste d EBITDA (Unaudite d) 2019 2020 2021 2022 2023 2024 Annual Annual Annual Annual Annual Annual Ne t e arnings (loss) $ 37.6 $ (25.9) $ 145.9 $ 102.5 $ 82.2 $ 92.4 Adjustme nts Restructuring, impairment and other charg

  30. Slide 30: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Re conciliation of Ne t Earnings (Loss) to Adjuste d EBITDA (Unaudite d) Re conciliation of Ne t Earnings (Loss) to Adjuste d EBITDA (Unaudite d) 2024 2025 2024 2025 Q1 Q1 Q2 Q2 Ne t e arnings (loss) $ 33.3 $ 31.0 Ne t e arnings (loss) $ 44.1 $ 36.1 Adjustme nts Adju

  31. Slide 31: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Re conciliation of Ne t Earnings (Loss) to Adjuste d EBITDA (Unaudite d) 2024 Q1 Q2 Q3 Q4 Annual Ne t e arnings (loss) $ 33.3 $ 44.1 $ 8.7 $ 6.3 $ 92.4 Adjustme nts Restructuring, impairment and other charges, net 1.8 1.3 1.4 2.1 6.6 Share-based compensation expense

  32. Slide 32: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Re conciliation of Ne t Earnings (Loss) to Adjuste d EBITDA (Unaudite d) 2023 Q1 Q2 Q3 Q4 Annual Ne t e arnings (loss) $ 15.8 $ 37.7 $ 18.1 $ 10.6 $ 82.2 Adjustme nts Restructuring, impairment and other charges, net 10.9 (2.2) (0.3) 1.4 9.8 Share-based compensation e

  33. Slide 33: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Reconciliation of GAAP to Non-GAAP Measures Reconciliation of GAAP to Non-GAAP Measures For the Three and Six Months Ended June 30, 2025 For th

  34. Slide 34: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Reconciliation of GAAP to Non-GAAP Measures (UNAUDITED) (in millions, except per share data) For the Three Months Ended March 31, 2025 Net Income (loss) Net earnings (loss) from Operating earnings per dilu

  35. Slide 35: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Reconciliation of GAAP to Non-GAAP Measures Reconciliation of GAAP to Non-GAAP Measures For the Three and Twelve Months Ended December 31, 2024

  36. Slide 36: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Reconciliation of GAAP to Non-GAAP Measures Reconciliation of GAAP to Non-GAAP Measures For the Three and Nine Months Ended September 30, 2024

  37. Slide 37: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Reconciliation of GAAP to Non-GAAP Measures Reconciliation of GAAP to Non-GAAP Measures For the Three and Six Months Ended June 30, 2024 For th

  38. Slide 38: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Reconciliation of GAAP to Non-GAAP Measures For the Three Months Ended March 31, 2024 and 2023 (UNAUDITED) (in millions, except per share data) For the Three Months Ended March 31, 2024 Net Income earnings

  39. Slide 39: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Reconciliation of GAAP to Non-GAAP Measures Reconciliation of GAAP to Non-GAAP Measures For the Three and Twelve Months Ended December 31, 2023

  40. Slide 40: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") Donnelley Financial Solutions, Inc. and Subsidiaries ("DFIN") Reconciliation of GAAP to Non-GAAP Measures Reconciliation of GAAP to Non-GAAP Measures For the Three and Twelve Months Ended December 31, 2022

  41. Slide 41: GAAP To Non-GAAP Reconciliations

    GAAP To Non-GAAP Reconciliations Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Reconciliation of GAAP to Non-GAAP Measures (UNAUDITED) (in millions, except per share data) For the Three Months Ended December 31, 2019 For the Twelve Months Ended December 31, 2019 Net Net Income earnin

  42. Slide 42: Net Sales Reconciliations

    Net Sales Reconciliations Re conciliation of Re porte d Ne t Sale s to O rganic Ne t Sale s (Unaudite d) 2020 2021 2022 2023 2024 Annual Annual Annual Annual Annual Capital Marke ts - Software Solutions Net sales $ 133.2 $ 181.0 $ 180.2 $ 185.9 $ 213.6 Net sales year-over-year change % 5.1% 35.9% (0

  43. Slide 43: Net Sales Reconciliations – 2025

    Net Sales Reconciliations – 2025 Re conciliation of Re porte d Ne t Sale s to O rganic Ne t Sale s (Unaudite d) Re conciliation of Re porte d Ne t Sale s to O rganic Ne t Sale s (Unaudite d) 2024 2025 2024 2025 Q1 Q1 Q2 Q2 Capital Marke ts - Software Solutions Capital Marke ts - Software Solutions N

  44. Slide 44: Net Sales Reconciliations – 2024

    Net Sales Reconciliations – 2024 Re conciliation of Re porte d Ne t Sale s to O rganic Ne t Sale s (Unaudite d) 2024 Q1 Q2 Q3 Q4 Annual Capital Marke ts - Software Solutions Net sales $ 53.0 $ 57.3 $ 53.3 $ 50.0 $ 213.6 Net sales year-over-year change % 21.3% 20.1% 14.6% 4.2% 14.9% Supplementary non

  45. Slide 45: Net Sales Reconciliations – 2023

    Net Sales Reconciliations – 2023 Re conciliation of Re porte d Ne t Sale s to O rganic Ne t Sale s (Unaudite d) 2023 Q1 Q2 Q3 Q4 Annual Capital Marke ts - Software Solutions Net sales $ 43.7 $ 47.7 $ 46.5 $ 48.0 $ 185.9 Net sales year-over-year change % (2.2%) 3.0% 1.5% 10.6% 3.2% Supplementary non-

  46. Slide 46: Consolidated Statement Of Operations

    Consolidated Statement Of Operations Conde nse d Consolidate d State me nts of O pe rations (Unaudite d) 2019 2020 2021 2022 2023 2024 Annual Annual Annual Annual Annual Annual Net sales Software solutions $ 189.3 $ 200.2 $ 270.0 $ 279.6 $ 292.7 $ 329.7 T ech-enabled services 364.7 409.2 519.5 380.9

  47. Slide 47: Consolidated Statement Of Operations – 2025

    Consolidated Statement Of Operations – 2025 Conde nse d Consolidate d State me nts of O pe rations (Unaudite d) Conde nse d Consolidate d State me nts of O pe rations (Unaudite d) 2024 2025 2024 2025 Q1 Q1 Q2 Q2 Net sales Net sales Software solutions $ 80.3 $ 84.6 Software solutions $ 85.6 $ 92.2 T

  48. Slide 48: Consolidated Statement Of Operations – 2024

    Consolidated Statement Of Operations – 2024 Conde nse d Consolidate d State me nts of O pe rations (Unaudite d) 2024 Q1 Q2 Q3 Q4 Annual Net sales Software solutions $ 80.3 $ 85.6 $ 82.2 $ 81.6 $ 329.7 T ech-enabled services 82.9 102.2 75.2 60.5 320.8 Print and distribution 40.2 54.9 22.1 14.2 131.4

  49. Slide 49: Consolidated Statement Of Operations – 2023

    Consolidated Statement Of Operations – 2023 Conde nse d Consolidate d State me nts of O pe rations (Unaudite d) 2023 Q1 Q2 Q3 Q4 Annual Net sales Software solutions $ 70.1 $ 75.7 $ 73.2 $ 73.7 $ 292.7 T ech-enabled services 78.4 104.5 80.4 73.6 336.9 Print and distribution 50.1 61.9 26.4 29.2 167.6

  50. Slide 50: Consolidated Statement Of Operations

    Consolidated Statement Of Operations Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”) Condensed Consolidated Statements of Operations (UNAUDITED) (in millions, except per share data) For the Three Months For the Twelve Months Ended Ended December 31, December 31, 2019 2018 2019 2018 Ser

  51. Slide 51: Consolidated Statement Of Operations

    Consolidated Statement Of Operations Donnelley Financial Solutions, Inc. Consolidated and Combined Statements of Operations For the Three and Twelve Months Ended December 31, 2017 and 2016 (UNAUDITED) (in millions, except per share data) For the Three Months Ended December 31, For the Twelve Months

  52. Slide 52: DFIN Investor Relations

    DFIN Investor Relations Contact Information Mike Zhao Investor Relations Email: investors@dfinsolutions.com 51

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