Company: DLX
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0000027996-25-000189
Chunk: 126

Company: DELUXE CORP
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 2
Chunk 126
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 66.3%69,134 48,150 43.6%Adjusted EBITDA margin32.6%28.6%4.0 pts.29.5%27.0%2.5 pts.

Total revenue for the third quarter and first nine months of 2025 increased compared to the same periods in 2024, driven by strong demand for customer acquisition marketing activities, particularly from our financial institution partners. Additionally, we added new clients in various other verticals, contributing to the revenue growth. It is important to note that the timing of campaigns within this business can lead to quarter-to-quarter volatility, making specific quarterly growth rates more challenging to predict.

Adjusted EBITDA for the third quarter and first nine months of 2025 increased compared to the same periods in 2024, primarily driven by the increase in data-driven marketing volume and continued cost management initiatives, including favorability from volume-based rebate programs. Adjusted EBITDA margin increased for the third quarter and first nine months of 2025 compared to the same periods in 2024, primarily due to a favorable mix of clients and campaigns compared to 2024, as well as the benefit of our cost management initiatives, including the volume-based rebate programs.

Print

Results for our Print segment were as follows:

 Quarter Ended September 30,Nine Months Ended September 30,(in thousands)20252024Change20252024ChangeTotal revenue$279,945 $297,313 (5.8%)$852,296 $909,393 (6.3%)Adjusted EBITDA93,546 97,407 (4.0%)274,731 282,226 (2.7%)Adjusted EBITDA margin33.4%32.8%0.6 pts.32.2%31.0%1.2 pts.

Total revenue for the third quarter and first nine months of 2025 decreased compared to the same periods in 2024, mainly due to a decline in revenue from promotional products, reflecting softer demand. Additionally, the ongoing secular decline in order volumes for checks, business forms, and various business accessories contributed to the decrease. These revenue declines were partially offset by pricing actions implemented in response to inflation.

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Adjusted EBITDA for the third quarter and first nine months of 2025 decreased compared to the same periods in 2024, driven by the decline in revenue and inflationary pressures on materials and delivery costs. Our cost management actions partially