DELUXE CORP

DELUXE CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: CONSOLIDATED FINANCIAL STATEMENTS

The consolidated balance sheet as of September 30, 2026, the consolidated statements of comprehensive income for the quarters and nine months ended September 30, 2026 and 2025, the consolidated statements of shareholders’ equity for the quarters and nine months ended September 30, 2026 and 2025, and the consolidated statements of cash flows for the nine months ended September 30, 2026 and 2025 are unaudited. The consolidated balance sheet as of December 31, 2025 was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles (GAAP). In the opinion of management, all adjustments necessary for a fair statement of the consolidated financial statements are included. Adjustments consist only of normal recurring items, except for any items discussed in the notes below. Interim results are not necessarily indicative of results for a full year or future results. The consolidated financial statements and notes are presented in accordance with instructions for Form 10-Q and do not contain certain information included in our annual consolidated financial statements and notes. The consolidated financial statements and notes appearing in this report should be read in conjunction with the consolidated audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K").

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. These estimates are derived from our historical experience and other relevant factors and assumptions that we consider reasonable. These factors and assumptions form the foundation for our judgments regarding the carrying values of our assets, liabilities, revenues, and expenses, as well as the disclosure of contingent assets and liabilities. It is important to note that actual results may vary significantly from these estimates and assumptions.

Comparability – The consolidated balance sheet as of December 31, 2025 and the consolidated statement of cash flows for the nine months ended September 30, 2025 have been modified to conform to the current period presentation. Specifically, the non-current portion of finance lease obligations, previously included in other non-current liabilities, is now presented as a separate line in the consolidated balance sheet. Additionally, holdback payments for acquired assets, previously included in other financing activities, are now presented as a separate line within net cash used in financing activities in the consolidated statement of cash flows, and proceeds from company-owned life insurance (COLI) policies, previously included in other investing cash flows, are now presented as a separate line within net cash used in investing activities.

NOTE 2: NEW ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Standards

ASU 2025-09 – In November 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. This standard updates the hedge accounting guidance to improve alignment between hedge accounting and an entity's risk management activities and to clarify and simplify the application of certain hedge accounting requirements. We elected to early adopt this standard on a prospective basis, effective July 1, 2026. The adoption of this standard did not have a material impact on our consolidated financial statements.

ASU 2025-05 – In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. This standard introduces a practical expedient allowing companies to assume that conditions as of the balance sheet date remain unchanged over the remaining life of current accounts receivable and current contract assets for purposes of measuring credit losses. Effective January 1, 2026, we adopted ASU 2025‑05 and elected to apply the practical expedient to all eligible assets. The practical expedient is required to be applied on a prospective basis. The adoption of this standard did not have a material impact on our consolidated financial statements or related disclosures.

ASU 2025-11 – In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This standard is intended to enhance the existing interim reporting guidance by improving the organization and accessibility of required interim disclosure requirements, clarifying when that guidance is applicable, and introducing a new principle requiring disclosure of events occurring after the end of the most recent annual reporting period that have a material impact. We elected to early adopt this standard in our Form 10-Q for the quarter ended March 31, 2026. The adoption of this standard did not have a material impact on our interim financial statements or related disclosures.

Accounting Guidance Not Yet Adopted

ASU 2024-03 – In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses. This standard does not change the expense captions presented on the face of the income statement. Instead, it requires the disaggregation of certain expense captions into specified categories within the footnotes to the consolidated financial statements.

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

This standard is effective for our annual consolidated financial statements for the year ending December 31, 2027. Both prospective and retrospective application of the standard is permitted upon adoption. We are currently evaluating the potential effects of adopting this new guidance on the disclosures within our consolidated financial statements.

ASU 2025-06 – In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This standard revises the existing guidance that refers to the various stages of a software development project to better align with current software development methods, such as agile programming. Under the new standard, companies will begin capitalizing eligible costs when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. This guidance is effective for us on January 1, 2028 and allows companies to choose from three transition methods. We are currently assessing how adoption of this standard will affect our consolidated financial statements.

NOTE 3: SUPPLEMENTAL BALANCE SHEET AND CASH FLOW INFORMATION

Trade accounts receivable–Net trade accounts receivable was comprised of the following:

(1) Includes unbilled receivables of $68.5 million as of September 30, 2026 and $53.5 million as of December 31, 2025.

Changes in the allowance for credit losses for the nine months ended September 30, 2026 and September 30, 2025 were as follows:

Inventories and supplies – Inventories and supplies were comprised of the following:

Revenue in excess of billings – Revenue in excess of billings was comprised of the following:

(1)Represents revenues that are earned but not currently billable under the related contract terms.

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Goodwill – Changes in goodwill by reportable segment and in total were as follows for the nine months ended September 30, 2026:

(1) The Data Solutions and Print balances are net of accumulated impairment charges of $145.6 million and $193.7 million, respectively, for each period.

Intangibles – Intangibles were comprised of the following:

In the normal course of business, we acquire and develop internal-use software. In addition, in July 2026, we acquired intangible assets in conjunction with the acquisition of Celero Commerce (Note 6). The following intangible assets were developed or acquired during the nine months ended September 30, 2026:

Amortization of intangibles was $39.7 million for the quarter ended September 30, 2026, $26.6 million for the quarter ended September 30, 2025, $100.4 million for the nine months ended September 30, 2026, and $84.2 million for the nine months ended September 30, 2025. Based on the intangibles in service as of September 30, 2026, estimated future amortization expense is as follows:

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Long-term investments – Our long-term investments include the cash surrender values of COLI policies. During the fourth quarter of 2025 and the second quarter of 2026, we surrendered a portion of these policies and received policy benefits, resulting in total cash proceeds of $34.0 million during the nine months ended September 30, 2026. Long-term investments as of December 31, 2025 also included an investment in a joint venture that was accounted for under the equity method. We decided to exit this joint venture in 2025, and the exit was completed during the first quarter of 2026. As such, the investment balance was removed from the consolidated balance sheet. No gain or loss was recognized, as the investment had been written down to fair value in the fourth quarter of 2025.

Other non-current assets – Other non-current assets were comprised of the following:

(1) Amortization of prepaid product discounts was $21.5 million for the nine months ended September 30, 2026 and $24.5 million for the nine months ended September 30, 2025.

(2)Amortization of deferred contract acquisition costs was $7.8 million for the nine months ended September 30, 2026 and $8.8 million for the nine months ended September 30, 2025.

(3)Amount includes the non-current portion of long-term receivables, including loans and notes receivable from distributors and proceeds receivable from an asset sale (Note 6). The current portion of these receivables is included in other current assets in the consolidated balance sheets and was $5.1 million as of September 30, 2026 and $1.7 million as of December 31, 2025. The related allowance for credit losses was not material in either period.

As of September 30, 2026, long-term receivables originated during 2026 totaled $12.3 million, of which $4.3 million represented the current portion. Long-term receivables originated within the preceding five-year period were not material as of September 30, 2026. During the nine months ended September 30, 2026, write-offs were not material and there wereno recoveries recorded.

We manage long-term receivables using an internal risk grading process that considers a variety of factors, including borrowers’ ability to service their debt and payment history. Receivables with satisfactory credit quality are assigned internal grades of 1-2, while receivables with an identified potential weakness requiring management's attention are assigned internal grades of 3-4. As of September 30, 2026, none of our long-term receivables were assigned an internal grade of 3-4. Additionally, past due and non-accrual balances were not material as of September 30, 2026 or December 31, 2025.

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Accrued liabilities – Accrued liabilities were comprised of the following:

(1)Revenue recognized for amounts included in deferred revenue at the beginning of the period was $29.2 million for the nine months ended September 30, 2026 and $25.8 million for the nine months ended September 30, 2025.

Supplemental cash flow information – Supplemental cash flow information was as follows:

NOTE 4: SHAREHOLDERS' EQUITY

Accumulated other comprehensive loss –Changes in the components of accumulated other comprehensive loss for the nine months ended September 30, 2026 and September 30, 2025 were as follows:

(1)Other comprehensive income before reclassifications is net of tax expense of $1.4 million.

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Reclassification adjustments –Information regarding amounts reclassified from accumulated other comprehensive loss to net income was as follows:

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 5: EARNINGS PER SHARE

The following table reflects the calculation of basic and diluted earnings per share. During each period, certain share-based awards, as noted below, were excluded from the calculation of diluted earnings per share because their effect would have been antidilutive.

NOTE 6: ACQUISITIONS AND DIVESTITURES

2026 acquisition – On July 31, 2026, we acquired all of the outstanding equity interests of Celero Commerce ("Celero") for cash consideration of approximately $625.0 million, plus certain seller transaction expenses and other adjustments. The acquisition was financed through our amended and restated credit agreement via a combination of additional term loan financing and revolving credit facility borrowings (Note 12). Celero is a financial technology company providing integrated payment processing solutions for small to mid-sized businesses through a diversified distribution network. The acquisition advances our strategy to grow our payments and data businesses.

The preliminary allocation of the purchase price to the assets acquired and liabilities assumed resulted in goodwill of $385.6 million. We expect goodwill of $371.6 million to be deductible for income tax purposes. The transaction resulted in goodwill as it is expected to accelerate the modernization of our payments technology, expand our distribution capabilities, and strengthen our competitive position through increased scale and broader customer reach. The goodwill and results of operations of Celero from the date of acquisition are included in the Merchant Services segment. We incurred related transaction costs of $9.8 million during the quarter ended September 30, 2026 and $15.4 million during the nine months ended September 30, 2026, which are included in selling, general and administrative (SG&A) expense in the consolidated statements of comprehensive income.

The acquisition was accounted for as a business combination, and the allocation of the purchase price remains preliminary as we continue to finalize the valuation of certain acquired assets and liabilities and related tax matters. The following

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

illustrates the preliminary allocation of the purchase price, as of September 30, 2026, to the assets acquired and liabilities assumed:

(1)The gross contractual amount of the acquired trade accounts receivable approximated fair value, and the amount not expected to be collected was immaterial.

Information regarding the useful lives of the acquired intangibles can be found in Note 3. Information regarding the calculation of the estimated fair values of the acquired intangibles can be found in Note 8.

Our results of operations for the quarter and nine months ended September 30, 2026 included revenue of $33.5 million and a net loss of $1.9 million from the operations of Celero, including amortization expense related to the acquired intangibles.

The following unaudited pro forma financial information summarizes our consolidated results of operations as though the acquisition occurred on January 1, 2025:

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The unaudited pro forma financial information was prepared in accordance with our accounting policies, which can be found under the caption "Note 1: Significant Accounting Policies" in the Notes to Consolidated Financial Statements included in the 2025 Form 10-K. The pro forma information includes adjustments to reflect the additional amortization expense that would have been recognized had the fair value adjustments to intangible assets been applied beginning January 1, 2025, as well as additional interest expense on the debt incurred to fund the acquisition (Note 12). The acquisition transaction costs we incurred are reflected in pro forma net income for the nine months ended September 30, 2025. Pro forma net income also reflects the related income tax effects of these adjustments.

This pro forma financial information is for informational purposes only. It does not reflect the integration of the businesses or any synergies that may result from the acquisition. As such, it is not indicative of the results of operations that would have been achieved had the acquisition been consummated on January 1, 2025. In addition, the pro forma amounts are not indicative of future operating results.

2025 acquisition – In August 2025, we acquired certain assets of JPMorgan Chase Bank's CheckMatch electronic check conveyance service business for cash payments totaling $24.6 million, approximately half of which was paid at closing and the remainder paid during the first quarter of 2026. The acquisition was accounted for as an asset purchase. Information regarding the assets acquired can be found under the caption "Note 6: Acquisition and Divestitures" in the Notes to Consolidated Financial Statements included in the 2025 Form 10-K.

Business exits –In recent years, we decided to exit certain businesses and dispose of other assets. We believe these actions have enabled us to concentrate our resources on our growth businesses, while optimizing our operations.

In March 2026, we finalized the divestiture of certain assets and liabilities associated with the Safeguard small business distributor channel within our Print segment. The transaction will generate net proceeds of $22.8 million, with $10.8 million received at closing. The remaining proceeds will be collected in equal annual installments on each anniversary of the closing date over the next three years. The net assets and liabilities transferred in the sale totaled $17.7 million and were comprised primarily of customer list intangible assets. The disposal group was classified as held for sale as of December 31, 2025 and was included in other non-current assets in the consolidated balance sheet.

In September and December 2023, we executed agreements to transition our U.S. and Canadian payroll and human resources services customers to other service providers. Our exit from this business was substantially completed during 2024, and the remaining cash proceeds from this business exit were received during the quarter ended March 31, 2025.

Activity related to business exits was as follows for the nine months ended September 30, 2026 and September 30, 2025:

Assets held for sale–During the quarter ended June 30, 2026, we initiated a plan to sell a production facility we currently own, with the intention of relocating these operations to a leased facility. As of September 30, 2026, the related assets, which had a carrying value of $2.3 million, were classified as held for sale and included in other non-current assets on the consolidated balance sheet.

NOTE 7: DERIVATIVE FINANCIAL INSTRUMENTS

As part of our strategy to manage interest rate risk, in July 2026 we entered into amortizing interest rate swaps, designated as cash flow hedges, to mitigate variability in interest payments on a portion of our variable-rate debt. The swaps, which mature in July 2030, had an aggregate notional amount of $600.0 million and a weighted-average fixed interest rate of

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

4.13% as of September 30, 2026. The swaps had an aggregate fair value of $5.7 million as of September 30, 2026, which was included in othernon-current assets in the consolidated balance sheet.

Changes in the fair values of the interest rate swaps are recorded in accumulated other comprehensive loss and subsequently reclassified to interest expense as interest payments are made on the hedged variable-rate debt. The fair values of the derivatives are calculated based on the applicable reference rate curve as of the measurement date. The impact of the interest rate swaps on consolidated net income and the consolidated statement of cash flows was not material for the quarter and nine months ended September 30, 2026. We also do not expect amounts to be reclassified from accumulated other comprehensive loss to interest expense over the next 12 months to be material.

NOTE 8: FAIR VALUE MEASUREMENTS

2026 annual goodwill impairment assessment – We evaluate the carrying value of goodwill at least annually, as of July 31, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. Our goodwill impairment policy, including the methodology used to assess impairment, is described in "Note 1: Significant Accounting Policies" in the Notes to Consolidated Financial Statements located in the 2025 Form 10-K.

For our 2026 annual goodwill impairment assessment, we performed qualitative analyses for all of our reporting units. These analyses considered factors such as current economic and industry conditions, recent financial performance, our consolidated market capitalization, and the results of quantitative analyses performed in prior periods. Based on these assessments, we concluded that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount. Accordingly, no goodwill impairment charges were recorded as a result of our 2026 annual impairment assessment.

Acquisition–During the quarter ended September 30, 2026, we acquired intangible assets as part of the Celero acquisition (Note 6). The fair value of the acquired customer relationships was estimated using the multi-period excess earnings method, which is based on the present value of the estimated cash flows attributable to the customer relationships, after considering the contribution of other assets used to generate those cash flows. Significant assumptions used in this method include forecasted revenue, customer attrition, forecasted EBITDA margin, and the discount rate. The fair value of the acquired technology-based intangible asset was estimated using the replacement cost method, which considers the estimated cost to recreate the technology, including development costs and a reasonable developer’s profit margin based on market participant data. The fair value of the acquired trade name was estimated using the relief-from-royalty method. This method estimates fair value based on the present value of the estimated royalty payments that would otherwise be required to use the trade name, considering assumptions such as forecasted revenue, a royalty rate, and the discount rate.

Financial instruments – Our money market fund investment is comprised exclusively of debt securities issued by the U.S. Treasury and is classified as a Level 1 fair value measurement based on quoted prices in active markets. The carrying value of the investment approximates fair value due to the short-term maturities and the highly liquid nature of the underlying securities. There were no transfers between levels of the fair value hierarchy during the periods presented.

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The fair values of our financial instruments were as follows:

NOTE 9: RESTRUCTURING AND INTEGRATION EXPENSE

Restructuring and integration expense consists of costs incurred in connection with initiatives to improve operating efficiency and support earnings and cash flow growth. These costs primarily include consulting and project management services, internal labor, facility closure and consolidation costs, and employee severance costs across functional areas. Restructuring and integration expense is not allocated to our reportable business segments.

The expense recorded during the nine months ended September 30, 2025 consisted primarily of costs related to our North Star program, a comprehensive, multi-year initiative designed to enhance shareholder value by accelerating adjusted earnings

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

before interest, taxes, depreciation, and amortization (EBITDA) growth, increasing cash flow, reducing debt, and improving our leverage ratio. The primary components of the North Star program were completed by the end of 2025, and the related restructuring and integration expense incurred during the nine months ended September 30, 2026 was not material. Further information can be found under the caption "Note 8: Restructuring and Integration Expense" in the Notes to Consolidated Financial Statements located in the 2025 Form 10-K.

The majority of restructuring and integration expense incurred during the quarter ended September 30, 2026 related to the integration of the Celero acquisition (Note 6). We do not expect the remaining expense associated with the integration activities to be material.

Restructuring and integration expense is reflected in the consolidated statements of comprehensive income as follows:

Restructuring and integration expense for each period was comprised of the following:

Our restructuring and integration accruals are included in accrued liabilities in the consolidated balance sheets. These accruals represent the anticipated cash payments necessary to fulfill the remaining severance obligations for employees who have already been terminated, as well as those expected to be terminated under our various initiatives. We expect the majority of the employee reductions and the associated severance payments to be completed by early 2027.

Changes in our restructuring and integration accruals were as follows:

The charges and reversals shown in the rollforward of our restructuring and integration accruals exclude items that are expensed as incurred, as these items are not included in accrued liabilities in the consolidated balance sheets.

NOTE 10: INCOME TAXES

Our effective income tax rate for interim periods is based on the estimated annual effective tax rate, adjusted for discrete items occurring within the period. For the nine months ended September 30, 2026, our effective income tax rate of 29.5% differed from the federal statutory tax rate of 21.0%, primarily due to non-deductible executive compensation expense, state

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

income taxes, the tax impact of the surrender of COLI policies, and foreign tax rate differences. These increases were partially offset by a tax benefit related to employee share-based compensation.

For the nine months ended September 30, 2026, our effective income tax rate increased to 29.5% from 28.4% for the same period in 2025. The increase was primarily due to higher non-deductible executive compensation expense, the tax impact of the surrender of COLI policies, a higher state income tax rate, and a $0.9 million increase in the valuation allowance related to a capital loss carryforward generated during the period that we do not expect to fully utilize. These unfavorable impacts were partially offset by a higher tax benefit related to employee share-based compensation.

For the third quarter of 2026, our effective income tax rate increased to 34.0% from 28.6% for the third quarter of 2025, primarily due to higher non-deductible executive compensation expense. This increase was partially offset by a $1.4 million reduction in the valuation allowance associated with a deferred tax asset for a capital loss carryforward.

NOTE 11: POSTRETIREMENT BENEFITS

We have historically offered certain health care benefits to a large number of our eligible retired U.S. employees. In addition to our retiree health care plan, we also maintain an inactive U.S. supplemental executive retirement plan. Further information regarding our postretirement benefit plans can be found under the caption “Note 11: Postretirement Benefits” in the Notes to Consolidated Financial Statements located in the 2025 Form 10-K.

Postretirement benefit income is included in other income, net in the consolidated statements of comprehensive income and consisted of the following components:

NOTE 12: DEBT

Debt outstanding was comprised of the following:

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Maturities of long-term debt were as follows as of September 30, 2026:

Credit facility –On July 31, 2026, we amended and restated our previously existing credit agreement (the “amended credit agreement”) in connection with the Celero acquisition. The amended credit agreement provides for an $800.0 million senior secured first lien term loan facility (the “term loan facility”) and a $400.0 million senior secured first lien revolving credit facility (the “revolving credit facility”). The revolving credit facility includes a $40.0 million swingline sub-facility and a $25.0 million letter of credit sub-facility. The amended credit agreement also permits additional borrowing capacity, subject to certain conditions.

We utilized additional capacity under the term loan facility, as well as a draw on the revolving credit facility, to fund the Celero acquisition and related fees and expenses (Note 6). We incurred $12.6 million of debt issuance costs in connection with the amended credit agreement, which were deferred and are being amortized to interest expense over the term of the related debt. The unamortized costs are presented as a reduction of the related debt or in other non-current assets, as applicable.

Loans under the revolving credit facility may be borrowed, repaid, and re-borrowed until July 31, 2031, at which point all outstanding amounts must be repaid. The term loan facility is structured to be repaid in equal quarterly installments of $15.0 million from December 31, 2026 through September 30, 2030 and $20.0 million from December 31, 2030 through June 30, 2031, with the remaining balance due on July 31, 2031. Any voluntary prepayments of principal under the term loan facility reduce required installment payments in direct order of maturity. The term loan facility includes mandatory prepayment requirements related to certain asset sales (subject to reinvestment), certain casualty or other insured damage to assets, and new debt (excluding permitted debt), subject to certain limitations. No premium or penalty is incurred for any mandatory or voluntary prepayment of the term loan facility.

Borrowings under the amended credit agreement bear interest at variable rates based on either term-based Secured Overnight Financing Rates (SOFR) or an alternative base rate, plus an applicable margin that varies based on our consolidated leverage ratio. A commitment fee is payable on the unused portion of the revolving credit facility.

In July 2026, we entered into amortizing interest rate swap agreements to mitigate variability in interest payments on a portion of our variable-rate debt (Note 7). The interest rate swaps, which mature in July 2030, have an aggregate notional amount of $600.0 million and a weighted-average fixed interest rate of 4.13% as of September 30, 2026. The weighted-average interest rate on borrowings under our credit facilities, including the impact of the interest rate swaps, was 6.05% as of September 30, 2026 and 5.87% as of December 31, 2025.

Borrowings under the amended credit agreement are secured by substantially all of our assets and the assets of our subsidiary guarantors, subject to certain exceptions. The amended credit agreement includes customary covenants that limit levels of indebtedness, liens, mergers, certain asset dispositions, changes in business, advances, investments, loans, and restricted payments. These covenants are subject to various limitations and exceptions outlined in the amended credit agreement.

The amended credit agreement also requires us to comply with the following financial maintenance covenants:

•Consolidated total leverage ratio – Calculated as consolidated indebtedness less unrestricted cash and cash equivalents in excess of $15.0 million, divided by consolidated EBITDA for the period (each as defined in the amended credit agreement).

•Consolidated secured leverage ratio – Calculated as consolidated secured indebtedness less unrestricted cash and cash equivalents in excess of $15.0 million, divided by consolidated EBITDA for the period (each as defined in the amended credit agreement).

•Interest coverage ratio – Calculated as consolidated EBITDA for the trailing four quarters divided by consolidated interest expense for the same period (each as defined in the amended credit agreement).

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The maximum allowed values for the consolidated total leverage ratio and the consolidated secured leverage ratio are as follows:

The minimum required consolidated interest coverage ratio is 3.00 to 1.00 throughout the term of the amended credit agreement. We may pay dividends and repurchase shares in an aggregate amount of up to $75.0 million annually. Additional restricted payments are permitted under certain circumstances, including when specified leverage ratio requirements are satisfied.

The amended credit agreement includes customary representations and warranties. As a condition for borrowing, all such representations and warranties must be true and correct in all material respects on the date of each borrowing. This includes representations affirming that there has been no material adverse change in our business, assets, operations, or financial condition.

Failure to comply with any of these requirements would constitute an event of default, which would enable the lenders to declare all amounts outstanding immediately due and payable. In such a scenario, the lenders would also have the right to enforce their interests against the collateral pledged if we were unable to settle the outstanding amounts. As of September 30, 2026, we were in compliance with all debt covenants.

As of September 30, 2026, amounts available for borrowing under our revolving credit facility were as follows:

(1)We use standby letters of credit primarily to collateralize certain obligations related to our self-insured workers' compensation claims, as well as claims for environmental matters, as required by certain states. These letters of credit reduce the amount available for borrowing under our revolving credit facility.

Senior unsecured and secured notes – In June 2021, we issued $500.0 million of 8.0% senior unsecured notes that mature in June 2029. These notes were issued via a private placement under Rule 144A of the Securities Act of 1933. Proceeds from the offering, net of discount and offering costs, were $490.7 million, resulting in an effective interest rate of 8.3%. The net proceeds were utilized to finance the acquisition of First American Payment Systems, L.P. Interest payments are due each June and December. During 2022, we repurchased $25.0 million of these notes on the open market.

In December 2024, we issued $450.0 million of 8.125% senior secured notes that mature in September 2029. However, if any of the senior unsecured notes issued in 2021 remain outstanding as of February 1, 2029, the 2024 senior secured notes will mature on February 1, 2029. These notes were also issued via a private placement under Rule 144A of the Securities Act of 1933. The proceeds from this offering, net of discount and offering costs, were $441.5 million, resulting in an effective interest rate of 8.6%. The net proceeds, along with borrowings under the credit facility in place at the time, were used to refinance our previous senior secured term loan facility and revolving credit facility. Interest payments for these notes are due each March and September.

The indentures governing these notes include covenants that restrict our ability, and that of our restricted subsidiaries, to undertake certain actions. These restrictions include limitations on incurring additional debt and liens, issuing redeemable and preferred stock, paying dividends and distributions, making loans and investments, and consolidating, merging, or selling all or substantially all of our assets.

Securitization facility – As of September 30, 2026, our wholly-owned subsidiary, Deluxe Receivables LLC, was party to a receivables financing agreement (the “Securitization Facility”) that matures in December 2028, unless extended in accordance with its terms. The Securitization Facility provides for a maximum borrowing capacity of $100.0 million, subject to adjustments based on the underlying borrowing base. Pursuant to the terms of the agreement, we have sold, and will continue to sell on an

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

ongoing basis, certain accounts receivable to Deluxe Receivables LLC. These receivables serve as collateral for borrowings under the facility and totaled approximately $140.0 million as of September 30, 2026.

Borrowings accrue interest at a commercial paper rate when funded by a conduit lender through the issuance of notes, and at SOFR plus an applicable margin for other borrowings. A commitment fee is charged on the unused portion of the facility, and both interest and fees are payable on a monthly basis. The interest rate on outstanding amounts under the facility was 5.21% as of September 30, 2026 and 5.45% as of December 31, 2025.

For accounting purposes, the Securitization Facility is classified as a secured financing transaction rather than a sale of receivables. As a result, Deluxe Receivables LLC is included in our consolidated financial statements, and the receivables pledged as collateral are presented as accounts receivable in the consolidated balance sheets. The related borrowings are reported as long-term debt. Cash collections from the receivables are included in net cash provided by operating activities in the consolidated statements of cash flows, while borrowings and repayments associated with the Securitization Facility are included in net cash provided by (used in) financing activities.

NOTE 13: OTHER COMMITMENTS AND CONTINGENCIES

Indemnifications – In the normal course of business, we enter into agreements that include standard indemnification provisions. These provisions typically cover third-party claims arising from our products and services, including, but not limited to, service failures, breaches of security, infringement of intellectual property rights, compliance with governmental regulations, and employment-related matters. Our obligations under these indemnities would generally be triggered by our breach of contractual terms.

Additionally, in connection with the sale or disposal of assets or businesses, we customarily provide representations, warranties, and indemnities to counterparties. These provisions may address risks such as undisclosed damage to the assets, environmental liabilities, including obligations to investigate or remediate contamination at waste disposal sites or former manufacturing facilities, as well as unidentified tax exposures and legal matters relating to periods prior to the disposition.

The potential liability under these indemnification agreements is not reasonably estimable, as it depends on the occurrence of future, unknown events. However, based on current information, we do not believe that any such obligations would have a material adverse effect on our financial position, annual results of operations, or annual cash flows. We have recognized liabilities for known indemnifications related to environmental matters, which were not material as of September 30, 2026 or December 31, 2025.

In the ordinary course of business, we may provide performance guarantees on behalf of our subsidiaries to customers and other parties. These guarantees may be supported by standby letters of credit, surety bonds, or similar instruments. Under these arrangements, we would be required to perform only in the event of a defined triggering event, such as an unexcused, uncured breach by a subsidiary. We believe the likelihood of performance under these guarantees is remote. As of September 30, 2026 and December 31, 2025, we had no material obligations related to such guarantees, and accordingly, no associated liability was recorded in our consolidated financial statements.

Self-insurance – We are self-insured for certain costs, primarily workers' compensation claims and medical and dental benefits for active employees and those employees on long-term disability. The liabilities associated with these items represent our best estimate of the ultimate obligations for reported claims, as well as those incurred, but not reported. These liabilities totaled $5.6 million as of September 30, 2026 and $9.6 million as of December 31, 2025, and are included in accrued liabilities and other non-current liabilities in the consolidated balance sheets.

Our self-insurance liabilities are estimated, in part, by considering historical claims experience, demographic factors, and other actuarial assumptions. The estimated accruals for these liabilities could be significantly affected if future events and claims differ from these assumptions and historical trends.

Litigation – The liabilities recorded for legal matters, along with the related charges recorded in each period, did not have a material impact on our financial position, results of operations, or liquidity during the periods presented. We do not anticipate that any of the currently identified claims or litigation will materially affect our financial position, results of operations, or liquidity upon resolution. However, it is important to note that litigation carries inherent uncertainties, and unfavorable rulings are possible. Should an unfavorable ruling occur, it could have a material adverse effect on our financial position, results of operations, or liquidity in the period of the ruling or in future periods.

New finance lease – In April 2026, we entered into a 16-year facility lease, classified as a finance lease, which commenced in June 2026. Upon commencement, we recognized a right-of-use asset and corresponding lease liability of $49.6 million, reflecting a discount rate of 6.9%. The asset is included in property, plant and equipment in the consolidated balance

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

sheet, the current portion of the liability is included in accrued liabilities, and the non-current portion of the liability is included in finance lease liabilities. The aggregate undiscounted lease payments total $88.3 million over the lease term, with $3.0 million due in 2027, $4.6 million due in 2028, $4.8 million due in 2029, $5.0 million due in 2030, $5.1 million due in 2031, and the remainder due thereafter.

NOTE 14: BUSINESS SEGMENT INFORMATION

We operate the following reportable segments, generally organized by product and service type:

•Merchant Services– provides electronic credit and debit card authorization and payment processing services, primarily to small and medium-sized retail and service businesses.

•B2B Payments– provides treasury management solutions, including remittance and lockbox processing, remote deposit capture, cash application, and payment acceptance solutions, as well as integrated accounts payable disbursements, including eChecks, Deluxe Payment Exchange, and Medical Payment Exchange, and fraud and security services.

•Data Solutions – provides data, analytics, and marketing services for both business-to-business and business-to-consumer marketing, as well as financial institution profitability reporting and business incorporation services.

•Print– provides printed personal and business checks, business essentials, including printed business forms and business accessories, as well as branded promotional print products and digital storefront solutions.

Segment accounting policies– The accounting policies applied to our segments are consistent with those outlined in the Notes to Consolidated Financial Statements included in the 2025 Form 10-K. Corporate costs for shared services are allocated to the segments when they are directly attributable to a segment, otherwise they are reported under Corporate operations. Unallocated costs primarily include marketing, accounting, information technology, human resources, facilities, executive management, and legal, tax, and treasury functions.

Geographic information and major customers– Our segments primarily operate within the U.S., with some activities in Canada. Revenue and long-lived assets associated with our foreign operations were not material to our consolidated financial statements during the periods presented. No single customer contributed more than 10% of consolidated revenue during the nine months ended September 30, 2026 or September 30, 2025.

Chief Operating Decision Maker (CODM) and performance metrics– Our Chief Executive Officer is the CODM, evaluating segment performance and resource allocation based on adjusted EBITDA. Adjusted EBITDA excludes interest expense, income tax expense, depreciation and amortization expense, and certain other amounts that can vary from period to period. These amounts may include asset impairment charges, restructuring and integration expense, share-based compensation expense, certain legal and environmental expenses that fall outside the normal course of business, and gains or losses on the sale of businesses and long-lived assets.

The CODM uses adjusted EBITDA in both the annual planning and interim forecasting processes. On a monthly basis, the CODM reviews actual results versus plan and forecast information, using this analysis to guide resource distribution and strategic adjustments. Additionally, the CODM compares segment adjusted EBITDA margins to those of competitors. This benchmarking provides the CODM with a basis for evaluating segment performance relative to the industry and identifying areas for improvement. Furthermore, adjusted EBITDA plays a significant role in establishing employee performance-based compensation, aligning employee incentives with our financial goals. The CODM does not review segment asset information for purposes of investment or operating decisions.

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Segment results–The following table presents segment information for the quarters and nine months ended September 30, 2026 and September 30, 2025:

The CODM does not review segment expense information. Instead, he receives commentary that discusses variances between planned, forecasted, or prior year adjusted EBITDA amounts. This commentary may include discussion of relevant expense categories, which can vary from period to period based on the drivers of the variances. Additionally, the CODM reviews consolidated expense information as presented in our consolidated financial statements, as well as consolidated expenses for our various shared services support functions.

For all segments, other segment items include cost of revenue, selling expenses, and allocated shared services costs, including information technology, real estate, and finance costs. For our digital businesses (Merchant Services, B2B Payments, and Data Solutions), cost of revenue includes information technology costs, payroll and related expenses, and overhead. For Merchant Services, cost of revenue also includes residuals paid to independent sales organizations. For the Print segment, cost of revenue includes raw materials, shipping and handling, third-party costs for outsourced products, payroll and related expenses, information technology costs, and overhead. Selling expenses include sales, marketing, and advertising expenses, call center operations (Merchant Services, B2B Payments, and Print), and external commissions (B2B Payments and Print).

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Reconciliation to consolidated income before income taxes–The following table presents the reconciliation of total segment adjusted EBITDA to consolidated income before income taxes:

Disaggregated revenue information–The following tables present revenue disaggregated by our product and service offerings:

DELUXE CORPORATIONCONDENSED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS