# ACCO BRANDS Corp (ACCO)

Informational only - not investment advice.

CIK: 0000712034
SIC: 2780 Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 27](/major-group/27/) > [SIC 2780 Blankbooks, Looseleaf Binders & Bookbindg & Relatd Work](/industry/2780/)
Latest 10-K filed: 2026-03-09
SEC page: https://www.sec.gov/edgar/browse/?CIK=712034
Filing source: https://www.sec.gov/Archives/edgar/data/712034/000119312526098616/acco-20251231.htm

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1524700000 | USD | 2025 | 2026-03-09 |
| Net income | 41300000 | USD | 2025 | 2026-03-09 |
| Assets | 2253000000 | USD | 2025 | 2026-03-09 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000712034.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 1,557,100,000 | 1,948,800,000 | 1,941,200,000 | 1,955,700,000 | 1,655,200,000 | 2,025,300,000 | 1,947,600,000 | 1,832,800,000 | 1,666,200,000 | 1,524,700,000 |
| Net income | 95,500,000 | 131,700,000 | 106,700,000 | 106,800,000 | 62,000,000 | 101,900,000 | -13,200,000 | -21,800,000 | -101,600,000 | 41,300,000 |
| Operating income | 159,100,000 | 184,500,000 | 187,000,000 | 196,200,000 | 112,400,000 | 151,000,000 | 34,800,000 | 44,700,000 | -37,000,000 | 92,300,000 |
| Gross profit | 514,900,000 | 657,300,000 | 627,800,000 | 633,500,000 | 492,400,000 | 614,900,000 | 552,300,000 | 598,300,000 | 555,400,000 | 500,000,000 |
| Diluted EPS | 0.87 | 1.19 | 1.00 | 1.06 | 0.65 | 1.05 | -0.14 | -0.23 | -1.06 | 0.44 |
| Operating cash flow | 167,100,000 | 204,900,000 | 194,800,000 | 203,900,000 | 119,200,000 | 159,600,000 | 77,600,000 | 128,700,000 | 148,200,000 | 68,700,000 |
| Dividends paid | 0.00 | 0.00 | 25,100,000 | 24,400,000 | 24,600,000 | 25,800,000 | 28,600,000 | 28,500,000 | 28,400,000 | 27,000,000 |
| Share buybacks | 0.00 | 36,600,000 | 75,000,000 | 65,000,000 | 18,900,000 | 0.00 | 19,400,000 | 0.00 | 15,000,000 | 15,100,000 |
| Assets | 2,064,500,000 | 2,799,100,000 | 2,786,400,000 | 2,788,600,000 | 3,048,700,000 | 3,091,300,000 | 2,794,700,000 | 2,644,800,000 | 2,228,400,000 | 2,253,000,000 |
| Liabilities | 1,355,800,000 | 2,025,000,000 | 1,996,700,000 | 2,014,900,000 | 2,306,000,000 | 2,226,500,000 | 1,984,600,000 | 1,857,800,000 | 1,622,300,000 | 1,588,400,000 |
| Stockholders' equity | 708,700,000 | 774,100,000 | 789,700,000 | 773,700,000 | 742,700,000 | 864,800,000 | 810,100,000 | 787,000,000 | 606,100,000 | 664,600,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 6.13% | 6.76% | 5.50% | 5.46% | 3.75% | 5.03% | -0.68% | -1.19% | -6.10% | 2.71% |
| Operating margin | 10.22% | 9.47% | 9.63% | 10.03% | 6.79% | 7.46% | 1.79% | 2.44% | -2.22% | 6.05% |
| Return on equity | 13.48% | 17.01% | 13.51% | 13.80% | 8.35% | 11.78% | -1.63% | -2.77% | -16.76% | 6.21% |
| Return on assets | 4.63% | 4.71% | 3.83% | 3.83% | 2.03% | 3.30% | -0.47% | -0.82% | -4.56% | 1.83% |
| Liabilities / equity | 1.91 | 2.62 | 2.53 | 2.60 | 3.10 | 2.57 | 2.45 | 2.36 | 2.68 | 2.39 |
| Current ratio | 1.65 | 1.54 | 1.47 | 1.37 | 1.31 | 1.31 | 1.50 | 1.58 | 1.49 | 1.61 |

## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-01. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000712034.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.40 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | -0.73 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.04 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 |  | -3,700,000 |  | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 493,600,000 |  | 0.27 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | 26,400,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 448,000,000 |  | 0.15 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 488,600,000 | -59,400,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 358,900,000 | -6,300,000 | -0.07 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | -6,300,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 438,300,000 |  | -1.29 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | -125,200,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 420,900,000 |  | 0.09 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 448,100,000 | 20,600,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 317,400,000 | -13,200,000 | -0.14 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | -13,200,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 394,800,000 |  | 0.31 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | 29,200,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 383,700,000 |  | 0.04 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 428,800,000 | 21,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 343,700,000 | 19,400,000 | 0.20 | reported discrete quarter |

## Macro Cross-References
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit
- [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy
- [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index
- [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate
- [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate
- [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio
- [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed
- [CE16OV](/indicator/CE16OV/): Employment Level
- [ICSA](/indicator/ICSA/): Initial Claims
- [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm
- [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period
- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [M2SL](/indicator/M2SL/): M2
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance
- [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States
- [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States
- [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States
- [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States
- [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States
- [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized
- [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized
- [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks
- [GDP](/indicator/GDP/): Gross Domestic Product
- [GPDI](/indicator/GPDI/): Gross Private Domestic Investment
- [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment
- [PCEC](/indicator/PCEC/): Personal Consumption Expenditures
- [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services
- [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt
- [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit
- [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts
- [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures
- [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing
- [USCONS](/indicator/USCONS/): All Employees, Construction
- [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade
- [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities
- [USGOVT](/indicator/USGOVT/): All Employees, Government
- [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private
- [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods
- [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- [BUSINV](/indicator/BUSINV/): Total Business Inventories
- [EXPGS](/indicator/EXPGS/): Exports of Goods and Services
- [IMPGS](/indicator/IMPGS/): Imports of Goods and Services
- [IR](/indicator/IR/): Import Price Index (End Use): All Commodities
- [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/712034/000119312526201006/acco-20260331.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-01
Report date: 2026-03-31

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Introduction

Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three months ended March 31, 2026 and 2025 should be read in conjunction with the unaudited condensed consolidated financial statements of ACCO Brands Corporation and the accompanying notes contained therein.

Overview of the Company

ACCO Brands is a leading global consumer, technology and business branded products company, providing well-known brands and innovative product solutions used in schools, homes and at work. These brands include At-A-Glance®, Barrilito®, EPOS®, Esselte®, Five Star®, Foroni®, GBC®, Hilroy®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Swingline®, Tilibra® and others. Our products are sold primarily in the U.S., Europe, Australia, Canada, Brazil and Mexico.

The Company has two operating segments, Americas and International. Each operating segment designs, markets, sources, manufactures, and sells recognized consumer, technology and business branded products used in schools, homes and at work. Product designs are tailored to end-user preferences in each geographic region, and where possible, leverage common engineering, design, and sourcing.

Our product categories include gaming and computer accessories; storage and organization; notebooks; shredding; laminating and binding machines; stapling; punching; planners; dry erase boards; and do-it-yourself tools, among others. We distribute our products through a wide variety of channels to ensure that our products are readily and conveniently available for purchase by consumers and other end-users, wherever they prefer to shop. These channels include mass retailers, e-tailers, discount, drug/grocery and variety chains, warehouse clubs, hardware and specialty stores, independent office product dealers, office superstores, wholesalers, contract stationers, and specialty technology distributors. We also sell directly through e-commerce sites and our direct sales organization.

On January 30, 2026, we completed the acquisition of EPOS from Demant A/S ("EPOS"), a leading Danish hearing healthcare company. Based in Copenhagen, Denmark, EPOS provides a comprehensive range of premium enterprise wired and wireless headsets, and other audio solutions, that build on over a century of research in psychoacoustics. The EPOS product line is designed to reduce listening fatigue, improve voice clarity and support cognitive performance. EPOS complements our global computer accessories portfolio and expands on our strategy into growing technology peripherals.

Overview of Performance

The first quarter benefited from favorable foreign exchange and the acquisition of EPOS, including a preliminary bargain purchase gain of $37.6 million. The Company continues to be impacted by softer global demand primarily due to lower consumer and office spending, the weak macroeconomic conditions, and geopolitical instability. We expect these collective global trends and the impact of evolving trade policy to continue to impact our results of operations.

During the first quarter, our net sales increased $26.3 million, or 8.3 percent, compared to the prior year's first quarter. The net sales increase reflects favorable foreign exchange and the acquisition of EPOS.

We reported an operating loss of $10.4 million in the first quarter, compared to an operating loss of $6.7 million in the prior year's first quarter. The quarter was impacted by higher restructuring and a litigation settlement, partly offset by the benefit of cost reduction actions.

28

Our operating cash flow for the first three months was cash provided of $3.5 million compared to cash provided of $5.5 million in the prior year primarily reflecting reductions in working capital. Our operating cash flow continues to be seasonal with a historic pattern of strong inflows during the second half of the year.

Response to Tariffs

In reaction to the evolving tariff landscape, we have taken, and will continue to take, a number of actions:

•
Communicated and implemented price increases in the U.S.,

•
Moved sourcing of our U.S. products to countries where we believe tariffs will be lower over the long term,

•
Negotiated with suppliers on best terms, and

•
Expanded our SKU rationalization in the U.S. and offered our customers item substitutions for high-cost products.

In February 2026, the U.S. Supreme Court overturned the tariffs imposed in the prior year under the International Emergency Economic Powers Act (" IEEPA"), reducing the impact of U.S. tariffs on imported goods prospectively. The ruling did not address refunds and, as such, there is uncertainty about who may be entitled to refunds. In March 2026, the Court of International Trade ("CIT") directed the U.S. Customs and Border Protection ("CBP") to begin refunding all tariffs imposed under IEEPA and in April 2026, the Trump Administration has developed a refund mechanism and portal but has not waived its right to appeal the CIT order to limit the scope of refunds and may dispute refunds for some claims which may affect our consideration regarding recovery recognition. We have been evaluating our approach towards potential refunds and have not yet taken steps to seek a refund of tariffs we have previously paid. Additionally, we are evaluating other implications attributable to such actions including effects on our contracts with customers and the potential risk of price concessions which may give rise to future obligations and affect future operating results. As of March 31, 2026, the consolidated financial statements do not reflect any impacts attributable to such refunds.

For further information on our risks related to the impact of tariffs and changes in trade policies, see "Part I, Item 1A. Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2025.

29

Consolidated Results of Operations for the Three Months Ended March 31, 2026 and 2025

Three Months Ended March 31,

Amount of Change

(in millions, except per share data)

2026

2025

$

%/pts

Net sales

$343.7

$317.4

$26.3

8.3 %

Comparable sales (Non-GAAP)(1)

$309.4

$317.4

$(8.0)

(2.5)%

Gross profit

106.8

99.6

7.2

7.2 %

Gross profit margin

31.1 %

31.4 %

Selling, general and administrative expenses

99.1

92.7

6.4

6.9 %

Intangible amortization and other operating expense

18.1

13.6

4.5

33.1 %

Operating loss

(10.4)

(6.7)

(3.7)

55.2 %

Operating loss margin

(3.0)%

(2.1)%

Interest expense, net

9.3

8.9

0.4

4.5 %

Bargain purchase gain

(37.6)

—

(37.6)

NM

Non-operating pension and other expense, net

3.0

0.9

2.1

NM

Income (loss) before income tax

14.9

(16.5)

31.4

NM

Income tax benefit

(4.5)

(3.3)

(1.2)

36.4 %

Effective tax rate

(30.2)%

20.0 %

Net income (loss)

19.4

(13.2)

32.6

NM

Diluted income (loss) per share

$0.20

$(0.14)

$0.34

NM

(1)
See reconciliation to GAAP contained in Part I, Item 2. "Supplemental Non-GAAP Financial Measure."

Net Sales

For the three months ended March 31, 2026, net sales increased $26.3 million, or 8.3 percent, including $19.1 million, or 6.0 percent from favorable foreign exchange as well as $15.2 million of sales from EPOS. Comparable net sales decreased 2.5 percent driven by lower volume, which was down $12.6 million, or 4.0 percent, primarily due to lower global demand for consumer and business products, partly offset by price increases.

Gross Profit

For the three months ended March 31, 2026, gross profit increased $7.2 million, or 7.2 percent, primarily due to acquisition of EPOS and savings resulting from our global cost reduction actions.

Selling, General and Administrative Expenses ("SG&A")

For the three months ended March 31, 2026, SG&A increased $6.4 million, or 6.9 percent. The increase was due to unfavorable foreign exchange, the acquisition of EPOS, and a litigation settlement, more than offsetting the positive impact of global cost reductions.

Operating Loss

For the three months ended March 31, 2026, we reported an operating loss of $10.4 million, compared to an operating loss of $6.7 million in the prior year. The current year period was impacted by $6.7 million of restructuring, primarily related to the integration of EPOS and $4.0 million related to a litigation settlement, partly offset by the benefit of cost reduction actions.

Bargain Purchase Gain

For the three months ended March 31, 2026, we recorded a preliminary bargain purchase gain related to our acquisition of EPOS.

30

For further information, see "Note 3. Acquisitions" to the consolidated financial statements contained in "Part I, Item 1. Financial Information" of this Quarterly Report on Form 10-Q.

Income Tax Benefit

For the three months ended March 31, 2026, we recorded an income tax benefit of $4.5 million on income before taxes of $14.9 million. For the three months ended March 31, 2025, we recorded an income tax benefit of $3.3 million on a loss before taxes of $16.5 million.

For further information, see "Note 11. Income Taxes" to the consolidated financial statements contained in "Part I, Item 1. Financial Information" of this Quarterly Report on Form 10-Q.

Segment Net Sales and Operating Income for the Three Months Ended March 31, 2026 and 2025

ACCO Brands Americas

Three Months Ended March 31,

Amount of Change

(in millions)

2026

2025

$

%/pts

Net sales

$178.5

$173.9

$4.6

2.6 %

Comparable sales (Non-GAAP)⁽¹⁾

$169.9

$173.9

$(4.0)

(2.3)%

Segment operating income⁽²⁾

3.4

0.9

2.5

NM

Segment operating income margin

1.9 %

0.5 %

1.4

 pts

(1)
See reconciliation to GAAP contained in Part I, Item 2. "Supplemental Non-GAAP Financial Measure."

(2)
Segment operating income excludes corporate costs. See "Part I, Item 1. Note 17. Information on Operating Segments" for a reconciliation of total "Segment operating income" to "Income (loss) before income tax."

For the three months ended March 31, 2026, net sales increased $4.6 million, or 2.6 percent, including $5.1 million, or 2.9 percent, from favorable foreign exchange and $3.5 million from the acquisition of EPOS. Comparable net sales decreased 2.3 percent driven by lower volume, which was down $7.6 million, or 4.4 percent, primarily due to lower demand for consumer and business products, partly offset by growth in Latin America and in computer accessories. Price, net of customer programs increased sales by $3.6 million, or 2.1 percent.

For the three months ended March 31, 2026, operating income increased $2.5 million primarily driven by cost savings and the acquisition of EPOS, partly offset by higher restructuring primarily related to the integration of EPOS.

ACCO Brands International

Three Months Ended March 31,

Amount of Change

(in millions)

2026

2025

$

%/pts

Net sales

$165.2

$143.5

$21.7

15.1 %

Comparable sales (Non-GAAP)⁽¹⁾

$139.5

$143.5

$(4.0)

(2.8)%

Segment operating income⁽²⁾

2.4

5.1

(2.7)

(52.9)%

Segment operating income margin

1.5 %

3.6 %

(2.1)

 pts

(1)
See reconciliation to GAAP contained in Part I, Item 2. "Supplemental Non-GAAP Financial Measure."

(2)
Segment operating income excludes corporate costs. See "Part I, Item 1. Note 17. Information on Operating Segments" for a reconciliation of total "Segment operating income" to "Income (loss) before income tax."

For the three months ended March 31, 2026, net sales increased $21.7 million or 15.1 percent, including $14.0 million, or 9.8 percent of favorable foreign exchange and $11.7 million from the acquisition of EPOS. Comparable net sales decreased 2.8 percent driven by lower volume, which was down $5.0 million, or 3.5 percent, primarily due to reduced demand for business products, partly offsetting the benefit of price increases of $1.0 million, or 0.7 percent.

31

For the three months ended March 31, 2026, operating income decreased $2.7 million primarily due to higher restructuring

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements of ACCO Brands Corporation and the accompanying notes contained in Part II, Item 8. and the relevant risks outlined in Part I, Item 1A. Risk Factors of this report. The following discussion and analysis are for the year ended December 31, 2025, compared with the same period in 2024 unless otherwise stated. For a discussion and analysis of the year ended December 31, 2024, compared with the same period in 2023, please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in Part II, Item 7. of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC") on February 21, 2025.

Overview of the Company

ACCO Brands is a leading global consumer, technology and business branded products company, providing well-known brands and innovative product solutions used in schools, homes and at work. These brands include At-A-Glance®, Barrilito®, Buro® Esselte®, Five Star®, Foroni®, GBC®, Hilroy®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Swingline®, Tilibra®, and others. Our products are sold primarily in the U.S., Europe, Australia, Canada, Brazil, and Mexico.

The Company has two operating segments, Americas and International. Americas includes the U.S., Canada, Brazil, Mexico, and Chile and International includes EMEA, Australia, New Zealand, and Asia. Each operating segment designs, markets, sources, manufactures and sells recognized consumer, technology, and business branded products used in schools, homes, and at work. Product designs are tailored to end-user preferences in each geographic region, and where possible, leverage common engineering, design, and sourcing.

Our product categories include gaming and computer accessories; storage and organization; notebooks; shredding; laminating and binding machines; stapling; punching; planners; dry erase boards; and do-it-yourself tools, among others. We distribute our products through a wide variety of channels to ensure that our products are readily and conveniently available for purchase by consumers and other end-users, wherever they prefer to shop. These channels include mass retailers, e-tailers, discount, drug/grocery and variety chains, warehouse clubs, hardware and specialty stores, independent office product dealers, office superstores, wholesalers, contract stationers, and specialist technology businesses. We also sell directly through e-commerce sites and our direct sales organization.

Overview of 2025 Financial Performance

During 2025, the Company was impacted by soft global demand, reflecting weak consumer and business spending due to a weak macroeconomic environment and geopolitical uncertainties. We expect these collective global trends to continue to impact our financial results.

In 2025, our net sales decreased $141.5 million, or 8.5 percent, compared to the prior year. Globally, demand was softer for certain office related products. In addition, sales were impacted by tariff disruptions in the Americas operating segment, primarily in the United States. Gross margin decreased 50 basis points compared to the prior-year period, primarily due to the impact of volume declines and tariff related impacts.

We reported operating income of $92.3 million in 2025 compared to an operating loss of $37.0 million in 2024. The increase was primarily due to the prior year non-cash goodwill and intangible asset impairment charge.

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We reported net income of $41.3 million, or $0.44 per share, compared to a net loss of $101.6 million, or $(1.06) per share in the prior year. The prior year reported net loss reflects non-cash goodwill and intangible asset impairment charges and lower benefits from discrete tax items.

Operating cash flows for the year provided cash of $68.7 million and $148.2 million in 2025 and 2024, respectively. Our seasonal operating cash flow followed our historic pattern of outflow in the first half followed by strong inflows in both quarters of the second half.

Response to Tariffs

In reaction to the evolving tariff landscape, we have taken, and will continue to take, a number of actions:

•
Communicated and implemented price increases in the U.S.,

•
Moved sourcing of our U.S. products to countries where we believe tariffs will be lower over the long term,

•
Negotiated with suppliers on best terms, and

•
Expanded our SKU rationalization in the U.S. and offered our customers item substitutions for high-cost products.

For further information on our risks related to the impact of tariffs and changes in trade policies, see "Part I, Item 1A. Risk Factors" of this report.

Consolidated Results of Operations for the Years Ended December 31, 2025 and 2024

Year Ended December 31,

Amount of Change

(in millions, except per share data)

2025

2024

$

%/pts

Net sales

$1,524.7

$1,666.2

$(141.5)

(8.5)%

Comparable sales (Non-GAAP)(1)

$1,511.5

$1,666.2

$(154.7)

(9.3)%

Gross profit

500.0

555.4

(55.4)

(10.0)%

Gross profit margin

32.8 %

33.3 %

Selling, general and administrative expenses

346.7

365.7

(19.0)

(5.2)%

Impairment of goodwill and intangible assets

—

165.2

(165.2)

NM

Intangible amortization and other operating expense

61.0

61.5

(0.5)

(0.8)%

Operating income (loss)

92.3

(37.0)

129.3

NM

Operating income (loss) margin

6.1 %

(2.2)%

Interest expense, net

36.4

45.1

(8.7)

(19.3)%

Non-operating pension and other expense, net

6.8

5.2

1.6

30.8 %

Income (loss) before income tax

49.1

(87.3)

136.4

NM

Income tax expense

7.8

14.3

(6.5)

(45.5)%

Effective tax rate

15.9 %

(16.4)%

Net income (loss)

41.3

(101.6)

142.9

NM

Diluted income (loss) per share

$0.44

$(1.06)

$1.50

NM

(1)
See reconciliation to GAAP contained in Part II, Item 7. "Supplemental Non-GAAP Financial Measures."

Net Sales

For the year ended December 31, 2025, net sales decreased $141.5 million, or 8.5 percent. Favorable foreign exchange increased sales by $13.2 million, or 0.8 percent. Comparable net sales decreased 9.3 percent. The reported sales decline was driven by lower volume, which was down $161.0 million or 9.7 percent, primarily due to lower global demand for consumer and business products and tariff-related impacts, partially offset by the acquisition of Buro (for more information see "Note 3. Acquisitions" to the Consolidated Financial Statements contained in Part II, Item 8. of this report).

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Gross Profit

For the year ended December 31, 2025, gross profit decreased $55.4 million, or 10.0 percent, primarily due to volume declines, reduced fixed-cost absorption, and impacts from tariffs, partly offset by savings resulting from our global cost reduction actions. Gross profit margin declined 50 basis points. Favorable foreign exchange increased gross profit by $5.4 million, or 1.0 percent.

Selling, General and Administrative Expenses ("SG&A")

For the year ended December 31, 2025, SG&A decreased $19.0 million, or 5.2 percent. The decrease was due to the positive impact of global cost reduction actions and lower incentive compensation expense. Adverse foreign exchange increased SG&A by $2.2 million, or 0.6 percent.

Operating Income (Loss)

For the year ended December 31, 2025, we reported operating income of $92.3 million compared to a loss of $37.0 million in the prior year. The prior year operating loss was due to non-cash impairment charges totaling $165.2 million related to goodwill and an indefinite-lived trade name within our Americas reporting unit. The current year period was impacted by lower sales volume, reduced fixed-cost absorption and $4.8 million of higher restructuring expense, partly offset by a net gain of $6.8 million primarily related to the sale of facilities in Sidney, New York and Barcelona, Spain and the benefit of cost reduction actions and lower incentive compensation expense. Favorable foreign exchange increased operating income $1.8 million, or 4.9 percent.

Interest Expense, Net

For the year ended December 31, 2025, interest expense, net decreased $8.7 million or 19.3 percent, primarily due to lower variable interest rates on lower variable debt balances versus the prior year. The weighted average interest rate on $265.9 million of outstanding variable rate debt as of December 31, 2025, decreased to 4.66 percent from 5.15 percent in the prior year.

Income Tax Expense

For the year ended December 31, 2025, we recorded income tax expense of $7.8 million on income before taxes of $49.1 million. This compared with income tax expense of $14.3 million on a loss before taxes of $87.3 million for the year ended December 31, 2024. After removing the impacts of the 2024 non-cash impairment charges, the decrease in income tax expense versus 2024 was primarily due to a reduction of income before income tax, the tax benefit recorded in 2025 from the settlement of the Brazil Tax Assessments, partially offset by the tax expense for a foreign statutory tax rate change.

See "Note 12. Income Taxes" to the Consolidated Financial Statements contained in Part II, Item 8. of this report for more information.

29

Segment Net Sales and Operating Income (Loss) for the Years Ended December 31, 2025 and 2024

ACCO Brands Americas

Year Ended December 31,

Amount of Change

(in millions)

2025

2024

$

%/pts

Net sales

$

894.4

$

999.9

$

(105.5

)

(10.6

)%

Comparable sales (Non-GAAP)⁽¹⁾

$

899.0

$

999.9

$

(100.9

)

(10.1

)%

Segment operating income (loss)⁽²⁾

97.7

(45.5

)

143.2

NM

Segment operating income (loss) margin

10.9

 %

(4.6

)%

15.5

 pts

(1)
See reconciliation to GAAP contained in Part II, Item 7. "Supplemental Non-GAAP Financial Measure."

(2)
Segment operating income (loss) excludes corporate costs. See "Part II, Item 8. Note 18. Information on Operating Segments" for a reconciliation of total "Segment operating income (loss)" to "Income (Loss) before income tax."

For the year ended December 31, 2025, net sales decreased $105.5 million, or 10.6 percent. Adverse foreign exchange reduced net sales $4.6 million, or 0.5 percent. Comparable net sales decreased 10.1 percent. The reported sales decline was driven by lower volume which was down $98.5 million, or 9.9 percent, primarily due to lower demand for consumer and business products, as well as disruptions in customer purchasing, including cancelled or delayed orders, due to uncertainty related to the tariffs.

For the year ended December 31, 2025, we reported operating income of $97.7 million compared to a loss of $45.5 million. The prior year operating loss was due to non-cash impairment charges totaling $165.2 million related to goodwill and an indefinite-lived trade name. The current year was impacted by lower sales volume, reduced fixed-cost absorption and impacts from tariffs, partly offset by cost savings, lower incentive compensation and the gain on the sale of our Sidney, New York facility of $5.7 million. Favorable foreign exchange increased operating income $0.3 million or 0.7 percent.

ACCO Brands International

Year Ended December 31,

Amount of Change

(in millions)

2025

2024

$

%/pts

Net sales

$

630.3

$

666.3

$

(36.0

)

(5.4

)%

Comparable sales (Non-GAAP)⁽¹⁾

$

612.5

$

666.3

$

(53.8

)

(8.1

)%

Segment operating income⁽²⁾

34.2

54.1

(19.9

)

(36.8

)%

Segment operating income margin

5.4

 %

8.1

 %

(2.7

)

 pts

(1)
See reconciliation to GAAP contained in Part II, Item 7. "Supplemental Non-GAAP Financial Measure."

(2)
Segment operating income excludes corporate costs. See "Part II, Item 8. Note 18. Information on Operating Segments" for a reconciliation of total "Segment operating income (loss)" to "Income (Loss) before income tax."

For the year ended December 31, 2025, net sales decreased $36.0 million, or 5.4 percent. Favorable foreign exchange increased sales $17.8 million, or 2.7 percent. Comparable net sales decreased 8.1 percent. The reported sales decline was driven by lower volume, which was down $62.5 million, or 9.4 percent, primarily due to reduced demand for business products, partly offset by the benefit of price increases of $8.7 million, or 1.3 percent.

For the year ended December 31, 2025, operating income decreased $19.9 million, or 36.8 percent, primarily due to lower sales volume and higher restructuring costs of $7.2 million in the current year, partly offset by cost savings, price increases, lower incentive compensation and the net gain of $1.1 million primarily related to the sale of a facility in Barcelona, Spain. Favorable foreign exchange increased operating income by $1.5 million, or 2.8 percent.

Liquidity and Capital Resources

Our primary liquidity needs are to support our working capital requirements, service indebtedness and fund capital expenditures, dividends, stock repurchases and acquisitions. Our principal sources of liquidity are cash flows from operating activities, cash and cash equivalents held and seasonal borrowings under our $467.5 million multi-currency revolving credit facility (the "Revolving Facility"). As of December 31, 2025, there was $164.6 million in borrowings outstanding under the

30

Revolving Facility ($23.6 million reported in "Current portion of long-term debt" and $141.0 million reported in "Long-term debt, net"), and the amount available for borrowings was $292.3 million (allowing for $10.6 million of letters of credit outstanding on that date). We had $64.4 million in cash on hand as of December 31, 2025, and our total available liquidity (cash and availability under our credit facilities) was $356.7 million.

We have no debt maturities before March 2029. Debt currently outstanding under our senior secured credit facility is due on October 30, 2029, with the requirement that we refinance our senior unsecured notes by September 2028.

Because of the seasonality of our business, generally our operating cash flow is generated in the second half of the year, as the cash inflows in the first and second quarters are consumed building working capital and making our annual performance-based compensation payments when earned. Our third and fourth quarter cash flows come from completing the working capital cycle.

Debt

The $265.9 million of debt currently outstanding under our senior secured credit facilities has a weighted average interest rate of 4.66 percent as of December 31, 2025 and the $575.0 million outstanding principal amount of our senior unsecured notes due March 2029 ("Senior Unsecured Notes") has a fixed interest rate of 4.25 percent.

Effective July 29, 2025, we entered into an amendment to the Credit Agreement, which, among other things, increased our maximum Consolidated Leverage Ratio financial covenant to 4.50x for the third and fourth quarters of 2025, to 4.75x for the first and second quarters of 2026 and to 4.25x for the third and fourth quarters of 2026. Thereafter, the maximum Consolidated Leverage Ratio will return to 4.50x for all first and second fiscal quarters and 4.00x for all third and fourth quarters. In addition, it modified certain covenant baskets related to liens, indebtedness and restricted payments through December 31, 2026. The amendment also required that $35.0 million in outstanding principal amount under the term loan facility be repaid on or before September 30, 2025, for which the payment was made as required. Further, the amendment restricts the aggregate amount of dividend payments or share repurchases we can make in 2026 to the greater of $40.0 million or 1 percent of our Consolidated Total Assets.

Prior to July 29, 2025, the maximum Consolidated Leverage Ratio under the Credit Agreement for all first and second fiscal quarters was 4.50x and 4.00x for all third and fourth fiscal quarters.

The current pricing for borrowings under the Credit Agreement is as follows:

Consolidated Leverage Ratio

Applicable Rate on Euro/AUD/CDN Loans

Applicable Rate on Base Rate Loans

Undrawn Fee

 4.25

2.25 %

1.25 %

0.375 %

 3.5

2.00 %

1.00 %

0.350 %

 2.5

1.75 %

0.75 %

0.300 %

≤ 2.5

1.50 %

0.50 %

0.250 %

As of December 31, 2025, the applicable rate on Euro, Australian and Canadian dollar loans was 2.25 percent and the applicable rate on Base Rate loans was 1.25 percent. Undrawn amounts under the Revolving Facility are subject to a commitment fee rate of 0.25 percent to 0.375 percent per annum, depending on the Company's Consolidated Leverage Ratio. As of December 31, 2025, the commitment fee rate was 0.375 percent. Pursuant to the July 29, 2025 amendment to the Credit Agreement, pricing is fixed at Tier 1 (4.25x) until December 31, 2026.

31

Financial Covenants

The Company is required to comply with the maximum Consolidated Leverage Ratio covenant described above and a minimum Interest Coverage Ratio covenant. As of December 31, 2025, our Consolidated Leverage Ratio was approximately 4.13 to 1.00 versus our maximum covenant of 4.50 to 1.00. Our Interest Coverage Ratio was approximately 5.51 to 1.00 versus the minimum covenant of 3.00 to 1.00.

Other Covenants and Restrictions

The Credit Agreement contains customary affirmative and negative covenants as well as events of default, including payment defaults, breach of representations and warranties, covenant defaults, cross-defaults, certain bankruptcy or insolvency events, certain ERISA-related events, changes in control or ownership, and invalidity of any loan document. The Credit Agreement also establishes limitations on the aggregate amount of Permitted Acquisitions and Investments (each as defined in the Credit Agreement) that the Company and its subsidiaries may make during the term of the Credit Agreement.

As of and for the period ended December 31, 2025, the Company was in compliance with all applicable loan covenants under the Credit Agreement and the Senior Unsecured Notes.

Guarantees and Security

Generally, obligations under the Credit Agreement are guaranteed by certain of the Company's existing and future subsidiaries and are secured by substantially all of the Company's and certain guarantor subsidiaries' assets, subject to certain exclusions and limitations.

For further information, see "Note 4. Long-term Debt and Short-term Borrowings" to the consolidated financial statements contained in Part II, Item 8. of this report.

Restructuring

The Company may implement restructuring, realignment, or cost-reduction plans and activities, including those related to integrating acquired businesses.

During 2024, the Company announced a multi-year restructuring and cost savings program, with currently anticipated annualized pre-tax cost savings of approximately $100.0 million by the end of 2026. The program incorporates initiatives to simplify and delayer the Company's operating structure and reduce costs through headcount reductions, supply chain optimization, global footprint rationalization, and better leveraging the Company's sourcing capabilities. Since inception, the Company has realized over $60.0 million in pre-tariff savings.

During the year ended December 31, 2025, the Company recorded $21.6 million in restructuring expenses: $7.7 million of restructuring expense for our Americas segment; $14.1 million for our International segment; and $0.2 million credit from the release of reserves within Corporate. Restructuring charges in 2025 were primarily for severance costs related to cost reduction initiatives.

For further information, see "Note 11. Restructuring" to the consolidated financial statements contained in Part II, Item 8. of this report.

32

Cash Flow for the Years Ended December 31, 2025 and 2024

During the year ended December 31, 2025, our cash and cash equivalents decreased $9.7 million compared to an increase of $7.7 million during the prior year. The following table summarizes our cash flows for the periods presented:

Year Ended December 31,

(in millions)

2025

2024

Amount of Change

Net cash flow provided (used) by:

Operating activities

$

68.7

$

148.2

$

(79.5

)

Investing activities

(9.3

)

(12.3

)

3.0

Net borrowings

(32.3

)

(74.7

)

42.4

Dividends paid

(27.0

)

(28.4

)

1.4

All other financing

(17.4

)

(19.5

)

2.1

Financing activities

(76.7

)

(122.6

)

45.9

Effect of foreign exchange rate changes on cash and cash equivalents

7.6

(5.6

)

13.2

Net (decrease) increase in cash and cash equivalents

$

(9.7

)

$

7.7

$

(17.4

)

Cash Flow from Operating Activities

Cash provided by operating activities during the twelve months ended December 31, 2025, was driven by cash inflows of $117.6 million (excluding non-cash impacts primarily of amortization of intangibles, depreciation, stock-based compensation expense, and the gain on the sale of facilities in Sidney, New York and Barcelona, Spain from our net income). Cash was also provided by trade working capital of $16.3 million, which includes accounts receivable, inventory, and accounts payable. This was partially offset by a net cash outflow of $65.2 million from other assets and liabilities including cash payments for restructuring, taxes, interest, pensions, and incentives.

Cash provided by operating activities during the twelve months ended December 31, 2024, was driven by cash inflows of $143.8 million (excluding the non-cash impacts primarily of amortization of intangibles, depreciation, stock-based compensation expense, and non-cash goodwill and intangible asset impairment charges that are included in our net loss). Cash provided by trade working capital was $75.3 million, which includes accounts receivable, inventory and accounts payable. This was partially offset by a net cash outflow of $70.9 million for all other assets and liabilities.

Cash Flow from Investing Activities

Cash used by investing activities during the twelve months ended December 31, 2025, was due to $10.1 million of cash used for the Buro Acquisition as well as capital expenditures, partly offset by $18.7 million in proceeds from the sale of facilities in Sidney, New York, Barcelona, Spain, and Arcos, Portugal.

Cash used by investing activities during the twelve months ended December 31, 2024, was primarily due to capital expenditures partly offset by proceeds of $2.0 million from the sale of our facility in the Czech Republic and $1.4 million from the sale of machinery and equipment at our Sidney, NY facility which closed during 2024.

Cash Flow from Financing Activities

Cash used by financing activities during the twelve months ended December 31, 2025, was primarily due to debt repayments exceeding borrowings, dividend payments, and cash used to repurchase common stock.

Cash used by financing activities during the twelve months ended December 31, 2024, was primarily due to debt repayments exceeding borrowings, dividend payments, and cash used to repurchase common stock.

33

Capitalization

The Company had 90.1 million and 92.9 million shares of common stock outstanding as of December 31, 2025, and 2024, respectively.

Adequacy of Liquidity Sources

Based on our 2026 business plan and current forecasts, we believe that cash flow from operations, our current cash balance and borrowings available under our Revolving Facility will be adequate to support our requirements for working capital, capital expenditures, dividend payments, share repurchases, and debt service in both the short and long-term. Our future operating performance is dependent on many factors, some of which are beyond our control, including prevailing economic, financial, and industry conditions. For further information on these risks, see "Part I, Item1A. Risk Factors" of this report.

Off-Balance-Sheet Arrangements and Contractual Financial Obligations

The Company does not have any material off-balance-sheet arrangements that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.

Our contractual obligations and related payments by period as of December 31, 2025, were as follows:

(in millions)

2026

2027 - 2028

2029 - 2030

Thereafter

Total

Debt

$

30.8

$

21.6

$

788.5

$

—

$

840.9

Interest on debt(1)

35.7

69.2

9.0

—

113.9

Operating lease obligations(2)

24.7

37.3

25.0

9.7

96.7

Purchase obligations(3)

107.0

9.9

—

—

116.9

Brazil tax assessment(4)

3.0

—

—

—

3.0

Other long-term liabilities(5)

18.0

18.1

18.0

42.6

96.7

Total

$

219.2

$

156.1

$

840.5

$

52.3

$

1,268.1

(1)
Interest calculated at December 31, 2025, rates for variable rate debt.

(2)
For further information on leases, see "Note 5. Leases" to the consolidated financial statements contained in Part II, Item 8. of this report.

(3)
For further information on purchase obligations see "Note 19. Commitments and Contingencies - Unconditional Purchase Commitments" to the consolidated financial statements contained in Part II. Item 8. of this report.

(4)
In June 2025, we agreed with the Brazilian Treasury to settle the Brazil Tax Assessments pursuant to an amnesty program. For further information regarding the Brazil Tax Assessments, see "Note 12. Income Taxes – Brazil Tax Assessments" to the consolidated financial statements contained in Part II, Item 8. of this report.

(5)
Other long-term liabilities consist of estimated expected employer contributions to pension and post-retirement plans for 2026, along with estimated future payments to these plans that are not paid from assets held in a plan trust.

Critical Accounting Estimates

Our financial statements are prepared in conformity with generally accepted accounting principles in the U.S. ("GAAP"). Preparation of our financial statements requires us to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses presented for each reporting period in the financial statements and the related accompanying notes. Actual results could differ significantly from those estimates. We regularly review our assumptions and estimates, which are based on historical experience and, where appropriate, current business trends. We believe that the following discussion addresses our critical accounting policies, which require significant, subjective, and complex judgments to be made by our management.

34

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers in an amount reflective of the consideration we expect to receive in exchange for those goods or services. Taxes we collect concurrent with revenue producing activities are excluded from revenue. Incidental items incurred that are immaterial in the context of the contract are expensed.

At the inception of each contract, the Company assesses the products and services promised and identifies each distinct performance obligation. To identify the performance obligations, the Company considers all products and services promised regardless of whether they are explicitly stated or implied within the contract or by standard business practices.

For our products, we transfer control and recognize a sale primarily when we either ship the product from our manufacturing facility or distribution center, or upon delivery to a customer-specified location depending upon the terms in the customer agreement. In addition, we recognize revenue for private label products as the product is manufactured (or over time) when a contract has an enforceable right to payment. For consignment arrangements, revenue is not recognized until the products are sold to the end customer.

Customer programs and incentives ("Customer Program Costs") are a common practice in our industry. We incur Customer Program Costs to obtain favorable product placement, to promote sell-through of products and to maintain competitive pricing. The amount of consideration we receive and revenue we recognize is impacted by Customer Program Costs, including sales rebates; in-store promotional allowances; shared media and customer catalog allowances; other cooperative advertising arrangements; freight allowance programs offered to our customers; allowances for discounts and reserves for returns. We recognize Customer Program Costs, primarily as a deduction to gross sales, at the time that the associated revenue is recognized. Customer Program Costs are based on management's best estimates using the most likely amount method and are an amount that is probable of not being reversed. In the absence of a signed contract, estimates are based on historical or projected experience for each program type or customer. We adjust our estimate of revenue when the most likely amount of consideration we expect to receive changes.

Inventories

Inventories are priced at the lower of cost (principally first-in, first-out) or net realizable value. When necessary, the write-down of inventory to its net realizable value is recorded for obsolete or slow-moving inventory based on assumptions about future demand and marketability of products, the impact of new product introductions, and specific identification of items, such as product discontinuance or engineering/material changes. These estimates could vary significantly, either favorably or unfavorably, from actual requirements if future economic conditions, customer inventory levels, or competitive conditions differ from our expectations.

Identifiable Intangible Assets

Identifiable intangible assets are comprised primarily of indefinite-lived and amortizable intangible assets acquired and arising from the application of purchase accounting. Indefinite-lived intangible assets are not amortized but are evaluated at least annually to determine whether the indefinite useful life is appropriate. Our ACCO® trade name has been assigned an indefinite life as we currently anticipate that this trade name will contribute cash flows to ACCO Brands indefinitely. Amortizable intangible assets are amortized over their useful lives which range from 5 years to 30 years.

We test indefinite-lived intangibles for impairment annually, during the second quarter, and during any interim period when market or business events indicate there may be a potential adverse impact on a particular intangible. The test may be on a qualitative or quantitative basis as allowed by GAAP. We consider the implications of both external factors (e.g., market growth, pricing, competition, and technology) and internal factors (e.g., product costs, margins, support expenses, and capital investment) and their potential impact on cash flows in both the near and long term, as well as their impact on any identifiable intangible asset

35

associated with the business. Based on recent business results, consideration of significant external and internal factors, and the resulting business projections, indefinite-lived intangible assets are reviewed to determine whether they are likely to remain indefinite-lived, or whether a finite life is more appropriate. In addition, based on events in the period and future expectations, management considers whether the potential for impairment exists.

We believe the assumptions used in our impairment analysis are appropriate and result in reasonable estimates of the implied fair value of each our indefinite-lived trade names. However, given the economic environment and the uncertainties regarding the impact on our business, there can be no assurance that our estimates and assumptions, made for purposes of our indefinite-lived intangible impairment testing, will prove to be an accurate prediction of the future.

Goodwill

Goodwill has been recorded on our balance sheet and represents the excess of the cost of an acquisition when compared with the fair value of the net assets acquired. The authoritative guidance on goodwill and other intangible assets requires that goodwill be tested for impairment at a reporting unit level. We have determined that our reporting units are ACCO Brands Americas and ACCO Brands International.

We test goodwill for impairment at least annually, during the second quarter, or any interim period when market or business events indicate there may be a potential adverse impact on goodwill. As permitted by GAAP, we may perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test as required by GAAP.

During the fourth quarter of 2025, we identified triggering events that converged within our Americas and International reporting units indicating that it was more likely than not that an impairment loss had been incurred. These triggering events include a sustained shift in product mix toward lower-priced and lower-margin products in Brazil that began earlier in the year, reduced year-end customer purchasing activity in Europe, and fourth quarter gaming accessories performing below expectations globally, driven in part by higher consoles prices reducing consumer demand for related accessories. Accordingly, as of November 30, 2025, we completed an impairment assessment, on a quantitative basis, of goodwill for both the Americas and International reporting units. The result of our assessment was that the fair value of both the Americas and International reporting unit exceeded their respective carrying values and we concluded that no impairment existed for either reporting unit.

Estimating the fair value of each reporting unit requires us to make assumptions and estimates regarding our future. We utilized a combination of discounted cash flows and market approach. The financial projections used in the valuation models reflected management's assumptions regarding revenue growth rates, economic and market trends, cost structure, discount rate, and other expectations about the anticipated short-term and long-term operating results for each of our reporting units.

We believe the assumptions used in our goodwill impairment analysis are appropriate and result in reasonable estimates of the implied fair value of each reporting unit. However, given the economic environment and other uncertainties that can negatively impact our business, there can be no assurance that our estimates and assumptions, made for purposes of our goodwill impairment testing, will prove to be an accurate prediction of the future. If our assumptions regarding future performance are not achieved, or if future events occur that adversely affect our enterprise value, we may be required to record additional goodwill impairment charges in future periods.

Employee Benefit Plans

We provide a range of benefits to our employees and retired employees, including pension, post-retirement, post-employment, and health care benefits. We record annual amounts relating to these plans based on calculations specified by GAAP, which include various actuarial assumptions, including discount rates, assumed rates of return, mortality rate tables, compensation increases, turnover rates, and health care cost trends. Actuarial assumptions are reviewed on an annual basis and modifications to these assumptions are made based on current rates and trends when it is deemed appropriate. As required by GAAP, the effect

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of our modifications and unrecognized actuarial gains and losses are generally recorded to a separate component of accumulated other comprehensive income (loss) ("AOCI") in stockholders’ equity and amortized over future periods. We believe that the assumptions utilized in recording our obligations under the plans are reasonable based on our experience. The actuarial assumptions used to record our plan obligations could differ materially from actual results due to changing economic and market conditions, higher or lower withdrawal rates, or other factors which may impact the amount of retirement-related benefit expense recorded by us in future periods.

The discount rate assumptions used to determine the pension and post-retirement obligations of the benefit plans are based on a spot-rate yield curve that matches projected future benefit payments with the appropriate interest rate applicable to the timing of the projected future benefit payments. For the majority of the obligations, the assumed discount rates reflect market rates for high-quality corporate bonds currently available and were determined by constructing a yield curve based on a large population of high-quality corporate bonds. Where the corporate bond market is not sufficiently deep, government bond yields are used instead. The resulting discount rates reflect the matching of plan liability cash flows to the yield curves.

For the ACCO Europe Pension Plan, the Company’s discount rate assumption methodology was based on the yield curve that uses a dataset of bonds rated AA by at least one of the main rating agencies.

The expected long-term rate of return on plan assets reflects management’s expectations of long-term average rates of return on funds invested based on our investment profile to provide for benefits included in the projected benefit obligations. The expected return is based on the outlook for inflation, fixed income returns and equity returns, while also considering historical returns over the last 10 years, asset allocation and investment strategy.

We estimate the service and interest components of net periodic benefit cost (income) for pension and post-retirement benefits utilizing a full yield curve approach by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows.

At the end of each calendar year an actuarial evaluation is performed to determine the funded status of our pension and post-retirement obligations and any actuarial gain or loss is recognized in AOCI and then amortized into the income statement in future periods, based on the average remaining lifetime or average remaining service expected.

We recognized pension expense of $3.5 million, $7.1 million, and $2.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. Post-retirement income was $0.2 million, $0.4 million, and $0.3 million for the years ended December 31, 2025, 2024, and 2023, respectively. The decrease in pension expense was primarily due to settlement costs in the prior year and changes in discount rates.

The weighted average assumptions used to determine benefit obligations for the years ended December 31, 2025, 2024, and 2023 were as follows:

Pension

Post-retirement

U.S.

International

2025

2024

2023

2025

2024

2023

2025

2024

2023

Discount rate

5.4 %

5.7 %

5.0 %

5.0 %

4.8 %

4.2 %

5.4 %

5.2 %

4.8 %

Rate of compensation increase

N/A

N/A

N/A

2.8 %

3.0 %

2.9 %

N/A

N/A

N/A

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The weighted average assumptions used to determine net periodic benefit (income) cost for the years ended December 31, 2025, 2024 and 2023 were as follows:

Pension

Post-retirement

U.S.

International

2025

2024

2023

2025

2024

2023

2025

2024

2023

Discount rate - benefit obligation

5.7 %

5.0 %

5.1 %

4.8 %

4.2 %

4.5 %

5.2 %

4.8 %

5.0 %

Discount rate - service cost

N/A

N/A

N/A

4.1 %

4.2 %

4.1 %

5.4 %

5.0 %

5.1 %

Discount rate - interest cost

5.4 %

4.9 %

5.1 %

4.7 %

4.2 %

4.6 %

5.1 %

4.8 %

5.0 %

Expected long-term rate of return

8.0 %

8.0 %

7.5 %

6.3 %

6.2 %

6.9 %

N/A

N/A

N/A

Rate of compensation increase

N/A

N/A

N/A

3.0 %

2.9 %

3.0 %

N/A

N/A

N/A

In 2026, we expect pension expense of approximately $0.2 million and post-retirement income of approximately $0.4 million.

A 25-basis point decrease (0.25 percent) in our discount rate assumption would lead to a decrease in our pension and post-retirement expense of approximately $0.6 million for 2026. A 25-basis point change in our long-term rate of return assumption would lead to an increase or decrease in pension and post-retirement expense of approximately $1.1 million for 2026.

Pension and post-retirement liabilities of $117.5 million as of December 31, 2025, increased from $117.2 million at December 31, 2024.

Income Taxes

Deferred tax liabilities or assets are established for temporary differences between financial and tax reporting bases and are subsequently adjusted to reflect changes in tax rates expected to be in effect when the temporary differences reverse. A valuation allowance is recorded to reduce deferred tax assets to an amount that is more likely than not to be realized. Facts and circumstances may change and cause us to revise our conclusions regarding our ability to realize certain net operating losses and other deferred tax attributes.

The amount of income taxes that we pay is subject to ongoing audits by federal, state and foreign tax authorities. Our estimate of the potential outcome of any uncertain tax position is subject to management’s assessment of relevant risks, facts, and circumstances existing at that time. We believe that we have adequately provided for reasonably foreseeable outcomes related to these matters. However, our future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period any assessments are received, revised, or resolved.

Recently Adopted Accounting Standards

For information on recently adopted accounting pronouncements, see "Note 2. Significant Accounting Policies, Recent Accounting Pronouncements and Adopted Accounting Standards" to the consolidated financial statements contained in Part II, Item 8. of this report.

SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES

To supplement our consolidated financial statements presented in accordance with GAAP, we provide investors with certain non-GAAP financial measures, including comparable sales. Comparable sales represent net sales excluding the impact of material acquisitions, if any, and with current-period foreign operation sales translated at prior-year currency rates. We sometimes refer to comparable sales as comparable net sales.

We use comparable sales both to explain our results to stockholders and the investment community and in the internal evaluation and management of our business. We believe comparable sales provide management and investors with a more complete understanding of our underlying operational results and trends, facilitate meaningful period-to-period comparisons, and enhance an overall understanding of our past and future financial performance. Comparable sales should not be considered in

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isolation or as a substitute for, or superior to, GAAP net sales and should be read in connection with the Company's consolidated financial statements presented in accordance with GAAP and contained in Part II, Item 8 of this report.

The following tables provide a reconciliation of GAAP net sales as reported to non-GAAP comparable sales by segment:

Comparable Sales - Year Ended December 31, 2025

Non-GAAP

(in millions)

GAAP Net Sales

Currency Translation

Comparable Sales

ACCO Brands Americas

$894.4

$(4.6)

$899.0

ACCO Brands International

630.3

17.8

612.5

Total

$1,524.7

$13.2

$1,511.5

Amount of Change - Year Ended December 31, 2025 compared to the Year Ended December 31, 2024

$ Change - Net Sales

Non-GAAP

(in millions)

GAAP Net Sales Change

Currency Translation

Comparable Sales

ACCO Brands Americas

$(105.5)

$(4.6)

$(100.9)

ACCO Brands International

(36.0)

17.8

(53.8)

Total

$(141.5)

$13.2

$(154.7)

% Change - Net Sales

Non-GAAP

GAAP Net Sales Change

Currency Translation

Comparable Sales

ACCO Brands Americas

(10.6)%

(0.5)%

(10.1)%

ACCO Brands International

(5.4)%

2.7%

(8.1)%

Total

(8.5)%

0.8%

(9.3)%

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