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Deluxe (DLX) investor relations material

Deluxe Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Revenue declined 3.1% year-over-year to $521.3M, mainly due to print and promo softness, but adjusted EBITDA rose 4.6% to $106.5M, with margin expanding to 20.4%.

  • Net income increased to $22.4M ($0.50/share), up from $20.5M ($0.46/share), driven by cost management and lower restructuring.

  • Free cash flow for the first half rose to $52.1M, up from $17.6M, and net debt was reduced to $1.44B.

  • Data Solutions and Merchant Services delivered strong growth, offsetting print declines; Data Solutions revenue up 18.1% to $67.8M.

  • Acquisition of CheckMatch expands digital lockbox and B2B Payments segment, supporting future growth.

Financial highlights

  • Q2 revenue was $521.3M, down 3.1% year-over-year; comparable adjusted revenue down 2.5%.

  • Adjusted EBITDA margin improved to 20.4% from 19.0% year-over-year.

  • Comparable adjusted EPS grew 3.5% to $0.88; diluted EPS was $0.50, up from $0.46.

  • Free cash flow for the first half was $52.1M, up from $17.6M.

  • Net debt to adjusted EBITDA improved to 3.5x from 3.6x at year-end.

Outlook and guidance

  • Full-year 2025 revenue guidance: $2.09B–$2.155B; adjusted EBITDA: $415M–$435M; adjusted EPS: $3.25–$3.55.

  • Free cash flow guidance raised to $130M–$150M.

  • Regular quarterly dividend of $0.30/share maintained; leverage target of 3x by 2026.

  • Capital expenditures for 2025 expected at $90–$100M, focused on growth and innovation.

  • Guidance subject to macroeconomic, inflation, and labor supply risks.

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Frequently asked questions

Deluxe Corporation is a U.S.-based provider of business services, offering solutions in payments, marketing, and data management. It serves financial institutions, small businesses, and enterprises with check printing, digital payment platforms, and cloud-based technologies. The company also delivers services in promotional marketing and web development. The company is headquartered in Minneapolis, Minnesota, and its shares are listed on the NYSE.

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