Deluxe Corporation · NYSE:DLX
Deluxe — Q3 2025 Earnings Presentation
36 slides from Deluxe's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Earnings
Third Quarter 2025 Earnings November 5, 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: Q3'25 Financial Highlights
Q3'25 Financial Highlights (in millions) Revenue Comparable Net Adjusted Comparable Adjusted Income - EBITDA Adjusted $540.2 Revenue GAAP EBITDA $528.4 $540.2 $118.9 $118.9 $527.0 $33.7 $104.9 $104.5 +2.2% +2.5% $8.9 +13.3% +13.8% Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 Q3 24 Q3 25 6
Slide 7: Q3'25 Highlights
Q3'25 Highlights Organic growth in revenue & earnings; Improved leverage ratio on strong FCF • Data Solutions Revenue +46.0% vs. Q3'24 DRIVE PAYMENTS & • Merchant Services Revenue +4.8% vs. Q3'24 DATA GROWTH • B2B Payments Revenue (2.7%) vs. Q3'24 • Print Revenue (5.9%); Check Rev (2.1%) vs. Q3'24 •
Slide 8: YTD Q3'25 Financial Overview
YTD Q3'25 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 Q3'25 YTD REVENUE $852 million $746 million - Rev % of Total DLX 53.3% 46.
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: Q3'25 Financial Summary
Q3'25 Financial Summary Comparable Metrics TOTAL REVENUE NET INCOME Adjusted EBITDA Adj. EBITDA margin Adj. Diluted EPS $540.2M $33.7M $118.9M 22.0% $1.09 Up 2.2% Or $0.74 per share Increased 13.8% Increased 220 Up 29.8% versus Q3'24; on a diluted basis; versus Q3'24 basis points compared to Compara
Slide 12: Merchant Services
Merchant Services Payment Processing & Omnichannel Payments Terminals & Devices Reporting (in millions) Revenue Adjusted $98.0 EBITDA $93.5 $20.4 $17.8 +4.8% +14.6% Q3 24 Q3 25 Q3 24 Q3 25 Adjusted EBITDA margin was 20.8%, up 180 basis points year-over- year driven by improving revenue growth & on-g
Slide 13: B2B Payments
B2B Payments Treasury Management B2B/Digital Payments Fraud & Security Receivables as a Service Payables as a Service Protection (in millions) Revenue Adjusted $75.1 EBITDA $73.1 $16.8 $15.3 -2.7% +9.8% Q3 24 Q3 25 Q3 24 Q3 25 Adjusted EBITDA margin was 23.0%, up 260 basis points year-over- year on
Slide 14: Data Solutions
Data Solutions Data Driven Marketing Data Analytics and SMB SaaS Solutions (in millions) Revenue Adjusted $89.2 EBITDA $29.1 $61.1 $17.5 +46.0% +66.3% Q3 24 Q3 25 Q3 24 Q3 25 Adjusted EBITDA margin was 32.6%, up 400 basis points year-over-year driven by strong revenue growth, coupled with operating
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 (in millions) Q3 YTD $176.8 -2.1% $173.0 $534.7 -2.4% $521.9 -3.6% -3.5% $59.2 -7.8% $181.4 $54.6 -6.7% $169.3 $61.3 -14.7% $52.3 $193.3
Slide 16: Print
Print Consumer and Extensive range of Web Storefront Platform Business Essentials for Branded Products Business Checks Promotional offerings (in millions) Revenue Adjusted EBITDA $297.3 $279.9 $97.4 $93.5 -5.9% -4.0% Q3 24 Q3 25 Q3 24 Q3 25 Adjusted EBITDA margin was 33.4%, expanding 60 basis points
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 Nine Months Ended 9/30/2025 12/31/2024 Variance 9/30/2025 09/30/2024 Variance Cash Provided by Net Debt $1,424.0 $1,468.7 ($44.7) $168.5 $134.1 $34.4 Operating Activitie
Slide 18: 2025 Guidance
2025 Guidance Declared regular dividend of $0.30 per share Additional modeling assumptions: • Interest expense of approximately $123 million • Adjusted tax rate of 26% • Depreciation and amortization of $133 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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $540.2 $528.4 $1,598.0 $1,601.2 Cost of revenue (249.1) (246.5) (746.6) (747.0) Gross profit 291.1 281.9 851.4 854.2 S
Slide 25: Segment Information
Segment Information in millions (Unaudited) Quarter Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue: Merchant Services $98.0 $93.5 $297.2 $288.5 B2B Payments 73.1 75.1 214.2 214.8 Data Solutions 89.2 61.1 234.3 178.2 Print 279.9 297.3 852.3 909.4 Business exits(1) — 1
Slide 26: Q3'25 Revenue by Category
Q3'25 Revenue by Category in millions (Unaudited) Quarter Ended September 30, 2025 Merchant B2B Data All Services Payments Solutions Print Other(1) Consolidated Checks $— $— $— $173.0 $— $173.0 Merchant services 98.0 — — — — 98.0 Data-driven marketing — — 84.6 — — 84.6 Forms and other business produ
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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income $33.7 $8.9 $70.2 $40.3 Non-controlling interest — — (0.1) (0.1) Interest expense 30.5 29.
Slide 28: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Q3 2025 dollars and shares in millions, except per share amounts (Unaudited) Share-based Income tax Q3 2025 Acquisition Restructuring and compensation impact of Q3 2025 GAAP amortization integration expense expense adjustments Adjust
Slide 29: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Q3 2024 dollars and shares in millions, except per share amounts (Unaudited) Acquisition Restructuring Gain on and and Share-based Asset Certain legal / sale of Income tax Q3 2024 accelerated integration compensation impairment envir
Slide 30: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Sept. YTD 2025 dollars and shares in millions, except per share amounts (Unaudited) Restructuring Share-based Certain legal / Income tax Sept. YTD 2025 Acquisition and integration compensation environmental impact of Sept. YTD 2025 G
Slide 31: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Sept. YTD 2024 dollars and shares in millions, except per share amounts (Unaudited) Acquisition Restructuring Gain on Sept. YTD and and Share-based Asset Certain legal / sale of Income tax Sept. YTD 2024 accelerated integration compe
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 September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $540.2 $528.4 $1,598.0 $1,601.2 Business exits — (1
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) Total Year 2025 Outlook 2024 Actual (in billions) Revenue $2.11 - $2.13 $2.12 Less: Business exits — (0.01) Comparable adjusted revenue $2.11 - $2.13 $2.
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, September 30, 2025 2024 Total debt $1,449.8 $1,503.1 Cash and cash equivalents (25.8) (34.4) Net debt $1,424.0 $1,468.7 TRAILING 12 MONTHS ADJUSTED EBITDA: 12 Months Ended 12 Months E
Slide 35: Free Cash Flow
Reconciliation of GAAP to Non-GAAP Measures Free Cash Flow in millions (Unaudited) Quarter Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net cash provided by operating activities $67.1 $67.9 $168.5 $134.1 Purchases of capital assets (23.3) (21.2) (72.6) (69.8) Free cash flo
Slide 36: deluxe.
deluxe.