DELUXE CORP (DLX) Business

ITEM 1. BUSINESS

COMPANY OVERVIEW

In 2025, Deluxe Corporation proudly celebrated its 110th anniversary, marking over a century of business excellence. Our enduring success is a testament to our innovation, our ability to adapt to the evolving needs of our customers, and the trust they place in us. We have transformed into a trusted Payments and Data company, serving small and medium-sized businesses, financial institutions, and some of the world's largest consumer brands. Our products and services are delivered through four business segments, primarily catering to clients and customers across North America.

In recent years, we made strategic decisions to exit certain of our businesses. During 2023, we sold our North American web hosting and logo design businesses, completing our exit from the web hosting space. Also in 2023, we entered into agreements to exit our payroll and human resources services business, facilitating the transition of our U.S. and Canadian customers to other service providers. These customer conversions were substantially completed during 2024. We believe these actions enabled us to focus our resources on our growth businesses, while optimizing our operations.

OUR STRATEGY

Our enterprise strategy is clear and focused: we leverage the strong cash flows, customer relationships, and brand equity from our print business to drive sustainable, profitable growth across our broader portfolio. To achieve this, we are prioritizing three strategic pillars:

1.    Accelerating profitable growth: By embracing our "Customers First" philosophy in market engagement, we are unlocking new opportunities across our broad portfolio of services. This approach enables us to deliver comprehensive solutions that adapt to evolving customer needs, while strategically focusing on growth within our payments and data businesses to drive sustainable profitability.

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2.    Enhancing operational efficiency: We are committed to ongoing process improvements, cost optimization, and performance enhancements to ensure our operations remain agile and competitive.

3.    Disciplined capital deployment: Our capital allocation framework ensures investments are strategically aligned with our growth objectives and deliver optimal returns. Strengthening our balance sheet remains a priority, supported by robust cash flow generation and targeted debt reduction.

By focusing on these areas, we are positioned to sustain our growth momentum while maintaining a solid financial foundation.

Our transformation journey has enabled us to evolve from a traditional check printing company into a trusted partner in Payments and Data solutions. With our infrastructure modernization largely complete and non-strategic businesses divested, our attention is on growth investments that drive scale and accelerate profit growth ahead of revenue. Our disciplined pricing strategies and rigorous cost management continue to support operational excellence.

Over the past three years, we successfully executed our North Star program, a comprehensive, multi-year initiative designed to enhance shareholder value by accelerating adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) growth, increasing cash flow, reducing debt, and improving our leverage ratio. The program was structured to balance disciplined cost management with targeted investments to support sustainable growth. On the cost side, we advanced our organizational redesign, consolidated roles, streamlined management layers, and expanded spans of control. We also leveraged technology and automation to digitize and simplify our operations, while global talent helped us scale back-office functions. On the growth side, we focused on building an integrated software channel in Merchant Services, expanding our Data Solutions business into more industry verticals, and strengthening our marketing and sales capabilities.

Our disciplined execution of the North Star strategy is reflected in our financial performance. Revenue for 2025 increased over 2024, despite the impact of strategic business exits. We reduced selling, general and administrative expense by $35.9 million in 2025 as compared to the prior year, and we lowered total debt by $73.7 million from the previous year-end. These results highlight our ongoing commitment to improving financial performance and delivering value to our shareholders through strategic initiatives and disciplined operational management.

As we look ahead to 2026, we will build on the momentum established by the North Star program. Our focus will shift toward scaling our growth platforms and further optimizing our operational model. We plan to invest in advanced data analytics and digital capabilities to enhance our product offerings and customer experience. Additionally, we will continue to pursue opportunities for expansion in high-growth verticals and markets, while maintaining rigorous cost discipline and prudent capital allocation. Strengthening our balance sheet remains a priority, and we will evaluate strategic investments that support long-term value creation. By continuing to innovate and adapt, we aim to achieve sustainable growth, further improve our leverage ratio, and deliver superior returns for our shareholders in 2026 and beyond.

OUR BUSINESSES

Merchant Services

We offer a comprehensive suite of payment processing services tailored primarily for small and medium-sized retail and service businesses, as well as nonprofit and government organizations. Our services encompass credit card, debit card, and electronic benefit transaction processing, as well as check guarantee and conversion. The majority of our merchant services revenue is derived from fees structured either as a percentage of transaction value or as a fixed fee per transaction, depending on the payment type or market. We distribute our services through multiple sales channels, enabling payments to be processed through in-person, online, and recurring payment methods.

The payment processing sector is experiencing continuous growth and transformation, fueled by the worldwide adoption of digital payment options and increased transaction volumes. The industry is marked by rapid technological innovation and increasing regulatory complexity, compelling us to continually upgrade our systems, diversify revenue streams, and invest in cutting-edge digital infrastructure. As customer expectations evolve, particularly regarding speed, convenience, and security, we must remain agile and forward-thinking to stay competitive. We continuously monitor developments in emerging payment technologies, such as stablecoins and agentic commerce, and will assess potential investments in these areas as market conditions, customer needs, and our strategic priorities evolve. The merchant services landscape is highly competitive, with a wide array of financial technology firms, independent payment processors, credit card companies, and financial institutions all striving to expand their market share. To achieve success in this environment, we must set ourselves apart by prioritizing innovation, maintaining dependable service, and delivering an exceptional customer experience.

To remain cost-competitive, achieving high transaction volumes is essential as it enables operational scale, while offering a broad range of services is crucial to maintaining customer relevance. We believe our competitive edge lies in our skilled workforce, solid infrastructure, and strong partnerships. Many of our team members possess deep industry knowledge and have

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been with us for years. Our customer onboarding process is fully digital, and our settlement platform provides complete control over settlement times and flexible arrangements for merchants. Additionally, we own the majority of our technology, which includes payment gateways, onboarding systems, and risk management, clearing, and settlement solutions, enabling us to quickly roll out new offerings and keep costs manageable.

We primarily target small and medium-sized businesses because they offer better margins, lower risks from customer concentration, more robust growth prospects than larger enterprises, and longer tenure than micro-businesses. Transaction volumes are largely driven by consumer spending and the expansion of our merchant network. Our strategy focuses on boosting market share through the delivery of superior service, expansion of omnichannel and embedded services, growing partnerships with integrated software providers, delivering industry-specific solutions, and leveraging our established brand and relationships with financial institutions.

B2B Payments

Our comprehensive payment solutions integrate both accounts receivable and accounts payable functionalities with sophisticated automation technologies. We support the entire disbursement and order-to-cash process, including managing exceptions, applying cash, and overseeing collections. By providing complete solutions for payment reconciliation across various channels and payment methods, we make payment management simpler for businesses. Our tools enable our clients to stay organized and efficient by automating reconciliation tasks and providing seamless connectivity with their accounting platforms. This automation reduces manual intervention, allowing our clients to free up valuable resources and time. With years of expertise in optimizing lockbox operations, we have integrated our innovative tools into our customers' daily processes. Through ongoing expansion of our solutions' features and capabilities, we are prepared to help organizations migrate from traditional services like lockbox and remote deposit capture toward complete automation of accounts receivable and payable.

Our competitive edge lies in our expertise, strong industry relationships, and innovative solutions, setting us apart in a competitive market that includes diversified software providers, independent developers, and financial institutions with in-house systems. Despite this competition, we continue to see significant opportunities ahead, as we believe a large portion of the potential market remains untapped.

Our strategic focus involves continually improving our integrated receivables and exception management tools, making item processing more efficient, and advancing automation in accounts receivable and payable. A key example is our R360+ platform, which consolidates all receivables modules under a single interface and user experience, making automation more accessible. We are committed to bringing our accounts receivable and payable solutions to market for both existing and new customers, including financial institutions, thereby accelerating their adoption of more efficient processes. Through ongoing innovation and investment in our platform, our goal is to help businesses succeed in a fast-changing financial landscape.

Data Solutions

In our data-driven marketing business, we leverage data and analytics to help our clients acquire and cross-sell customers through targeted marketing campaigns. The precision with which we identify and reach consumer and business groups means recipients are more inclined to interact with our clients’ offerings. This targeted approach results in quantifiable growth and delivers a strong return on investment for our clients.

The data-driven marketing sector is experiencing growth due to the increased availability of data, advancements in analytics technology, and the demonstrated effectiveness of these tools in improving customer targeting and sales outcomes. Our competitive advantage is rooted in our extensive data assets, the sophistication of our analytics capabilities, and the expertise of our personnel. We maintain a comprehensive marketing data repository that aggregates consumer and business attributes from multiple sources, including demographic, firmographic, behavioral, trigger-based, credit, and property data. Our investment in a flexible, modern, cloud-based infrastructure enables the rapid integration and analysis of these data sets. Our workforce strategy emphasizes the recruitment and development of employees with advanced analytical skills, including graduates from leading academic institutions. These employees are trained to apply advanced analytics in the design and execution of fully integrated marketing campaigns.

Looking forward, we see continued growth potential in this business. Marketers are increasingly prioritizing investment efficiency and the achievement of tangible results through scientific approaches rooted in data analysis. Currently, the banking industry is our largest customer segment, reflecting the respected Deluxe brand and our long-standing relationships with financial institutions. We are also expanding our client base in other sectors, including the telecommunications, utilities, e-commerce, retail, and insurance industries. Ongoing investments in innovation, workforce development, and data asset enhancement are expected to support continued growth and the ability to deliver value to clients across multiple industries.

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Print

We manufacture and distribute checks for both businesses and consumers, utilizing banks and direct sales channels. The Federal Reserve Board has reported a steady decline in check usage since the mid-1990s, yet checks still serve as a vital payment option for select customers and companies. Our checks business is complemented by our business essentials product line, which includes forms, envelopes, and deposit tickets, often printed on the same equipment. Additionally, we support our print customers by offering relationship-building products, such as branded promotional, print, apparel, and digital storefront solutions.

Our check business faces significant competition from another large check printer within our traditional financial institution sales channel, as well as from direct mail and internet-based sellers of personal and business checks, check printing software vendors, and certain major retailers. Pricing remains competitive in our financial institution sales channel, as these institutions aim to preserve the profitability of their check programs amidst falling check volumes. The market for business forms and business accessories has also been shrinking for several years, a trend fueled by technological advancements that offer increasingly digital methods for executing and recording business transactions. The widespread acceptance of electronic signatures has further diminished the demand for printed products. The markets for business forms and promotional products are highly competitive and fragmented, with competitors including traditional storefront printing companies, office superstores, wholesale printers, online printing companies, small business product resellers, and providers of custom apparel and gifts.

We believe our competitive advantages include our skilled workers, product accuracy, robust security features, and our commitment to quality and service. Our long-standing relationships with financial institutions, combined with our consultative program management support, further strengthen our market position. Additionally, our digital "print-on-demand" manufacturing capabilities equip us to quickly adapt to shifting customer needs and broaden our selection of premium checks and print designs, while reducing waste, labor, and inventory levels. This blend of expertise, innovation, and customer-centric approach sets us apart within the industry.

Looking forward, we plan to continue investing in print efficiencies and process improvements to maintain healthy margins. We will also continue to prioritize our higher-margin promotional products that complement our check offerings, and we will continue to pursue additional market share in the checks business. Our enterprise growth strategy is supported by the talent, client-focused approach, strong credibility, brand reputation, and resulting stable cash flows from our Print business.

SALES AND MARKETING

Our "One Deluxe" go-to-market strategy involves assigning specialized sales teams to each of our business segments, ensuring that we make full use of their unique expertise to address customer requirements. We make it a priority to listen carefully to our customers and gain a thorough understanding of what they need before presenting tailored solutions that showcase Deluxe’s strengths. By doing so, we build stronger relationships with our customers, shifting our role from that of a typical vendor to a reliable partner. As these connections grow, new avenues for expansion emerge, allowing us to introduce a wider array of products and services. Our various business segments work together to deliver enhanced value for our customers, supporting our customers in establishing and growing their businesses on our platforms for the long-term.

Our sales and marketing strategy is multi-faceted, involving direct engagement with financial institutions, small and medium-sized enterprises from a variety of industries, and large multinational corporations. Our offerings are also distributed through scalable partnerships, which help us access customers efficiently and economically by tapping into our financial institution and other strategic alliances. Additionally, when customers contact us to purchase or reorder products and services, these interactions present valuable cross-selling opportunities, enabling us to fulfill a broader spectrum of customer requirements.

Through our integrated sales and marketing approach, we aim to deepen customer loyalty, drive sustainable growth, and position Deluxe as a preferred partner for businesses seeking comprehensive solutions in an evolving marketplace.

OUR OPERATIONS

We are fully committed to improving the customer experience by consistently delivering outstanding service and quality, while simultaneously driving productivity and reducing our costs. Our approach centers on the integration of lean operating principles throughout our processes, fostering a culture of continuous improvement and innovation. By utilizing a shared services model, our businesses are able to leverage common facilities, optimize capacity utilization, and enhance operational excellence.

Our operational objectives are focused on streamlining workflows, implementing smart automation technologies, and refining our sales and marketing strategies to more effectively engage prospective clients. A prime example of our strategy in action is our commitment to modernizing our print infrastructure. Through the adoption of “print-on-demand” technology, we are

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able to offer customers the same variety of choices, while reducing waste, labor, and inventory levels. This not only strengthens our competitive position in the check printing sector, but also allows us to better manage margins and reinvest savings into our growth businesses.

Technology is at the heart of our strategic execution. We are making deliberate, forward-looking investments in digital platforms that are cloud-based, data-driven, and designed for scalability, ensuring our infrastructure remains agile and responsive to evolving business needs. Artificial intelligence (AI) is being deployed in targeted areas where it can deliver measurable value. For example, our customer service team implemented DAX, an AI-powered assistant that blends advanced technology with human expertise to efficiently resolve routine inquiries, allowing our staff to focus on more complex customer needs and further enhancing service quality.

Our operational philosophy is anchored in maximizing efficiency and delivering superior value to our customers and partners. By continuously innovating and optimizing our processes, we are well-positioned to achieve sustainable growth.

OUR MATERIALS, SUPPLIES, AND SERVICE PROVIDERS

The primary materials we use to manufacture products within our Print segment include paper, plastics, ink, corrugated packaging, and printing plate material, all of which are sourced from various suppliers. Additionally, we source standard business forms, promotional products, and apparel from external manufacturers. We have entered into contracts with third-party providers to provide delivery and information technology services, including telecommunications, network server management, and transaction processing, among other services. We also rely on third parties to furnish a portion of the data required to maintain both our proprietary and non-proprietary databases, which include credit and non-credit information provided by national credit bureaus and other data providers.

We believe that if one of our suppliers fails to meet their obligations, we could find alternative sources. Nonetheless, we have proactively secured multiple sources for certain materials and services, particularly those related to specific printed products in our Print segment. Despite these precautions, we cannot guarantee that an alternative source of supply would be available, or that it could be obtained at current prices, should one of our vendors fail to deliver.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) PRACTICES

ESG principles are deeply embedded in our mission, operating philosophy, and core values. Our stakeholder-focused ESG program is designed to address the needs and expectations of regulators, customers, shareholders, and employees. Through regular materiality assessments, we identify and prioritize ESG topics that matter most to our stakeholders and where we can make a meaningful impact. These assessments guide our ESG strategy and priorities, and our board of directors has reviewed and approved this process to ensure alignment with our business strategies and risk management objectives. The Corporate Governance Committee of our board of directors oversees our progress in implementing ESG principles, including related policies, programs, opportunities, and risks.

Environmental

We are committed to protecting the environment and ensuring a sustainable future for our customers and communities. Our supply chain initiatives promote innovation, particularly in product design, packaging, and operational processes that advance sustainability.

Paper is our primary raw material, and we source over 95% from mills certified by the Forest Stewardship Council. This certification ensures responsible forest management, protection of water quality, preservation of natural forest cover, and avoidance of hazardous pesticides. Most of our products are paper-based, enabling us to recycle production waste and paper trim. This commitment to recycling extends to our customers, who can also recycle our products, thereby contributing to the paper lifecycle.

To further reduce our environmental footprint, we partner with vendors to strengthen waste reduction and recycling programs. We separate and properly handle hazardous and nonhazardous waste at the source, preventing contamination and ensuring compliance with applicable regulations. We also recognize the significant role our facilities play in our overall sustainability efforts. Our facility management strategy has evolved, with consolidation into fewer, larger hub offices, resulting in reduced waste, lower water and energy consumption, and improved operational efficiency.

Social

We are committed to fostering a workplace environment where our employees, known as Deluxers, feel respected, valued, and empowered to achieve their potential. This commitment is reflected in our strong employee relations and our

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tradition of community engagement and volunteerism. Our purpose statement, “Champions for business so communities thrive,” underscores our dedication to both our workforce and the communities we serve. Our core values emphasize delivering results:

•Customers First: customer success is our success

•Earn Trust: in all things, we act in ways that build and earn trust

•Grit and Perseverance: we find ways to get it done, even if the challenge is great

•Innovation: constant improvement, reinvention, and building a better future

•Power of One: we are stronger together because of our individual skills and experiences

ESG principles are integral to each of these values, making ESG an inherent part of our operations, rather than an afterthought or standalone initiative. Further information regarding our social strategies can be found in the Our Human Capital section.

Governance

Our board of directors provides strategic oversight and direction, guided by robust corporate governance standards. The board ensures management acts in the long-term interests of the company and its stakeholders, oversees enterprise risk, approves major financial and strategic decisions, and plans for executive succession.

A majority of our directors meet strict standards of independence, ensuring objective oversight. We have adopted a comprehensive Code of Ethics that applies to all directors, employees, contractors, and agents. Our annual compliance and ethics education program reinforces our commitment to integrity and ethical conduct throughout the organization.

By embedding ESG principles into our business, we aim to create long-term value for all stakeholders, enhance our performance, and have a positive impact on society. Our ongoing efforts support a sustainable, responsible business model that benefits our customers, employees, shareholders, and the broader community.

OUR HUMAN CAPITAL

Our most valuable asset is our employees. As of December 31, 2025, we employed a total of 4,571 employees, with 4,376 based in the United States, 182 in Canada, and 13 in India. We take pride in our longstanding tradition of fostering positive and productive employee relations. None of our employees are currently represented by labor unions.

The cornerstone of our continued success as a trusted Payments and Data company is our ability to attract and retain an exceptional and motivated workforce. Our comprehensive workforce strategies are developed and managed by our Chief Human Resources Officer, who reports directly to our President and Chief Executive Officer. More broadly, our board of directors, along with the Compensation and Talent Committee, provides oversight on key cultural and human resource management topics, such as compensation and succession planning for critical roles.

Development and Retention

We are committed to creating a high-performance culture that consistently delivers excellence for our clients and long-term value for our shareholders while providing a workplace experience for our employees that values collaboration and innovation. We provide learning and development opportunities for employees at every level. These programs cover a variety of topics, such as leadership and skill development, mentoring, and learning initiatives that emphasize the importance of valuing differences and creating a respectful work environment. Our leadership development courses are specifically designed to nurture the next generation of leaders, ensuring we maintain a strong talent pipeline prepared to tackle future challenges.

We strive to operate as a meritocracy, where the most talented individuals are rewarded with additional opportunities to grow their skills and advance their careers, thereby contributing to our success. Our approach is to balance internal promotions with external hiring, ensuring that we continually raise performance expectations and broaden the range of skills and knowledge within the organization. This strategy not only fosters a culture of excellence and continuous improvement, but also helps us attract and retain top talent, driving sustained growth and innovation. Total compensation consists of a competitive base pay and annual incentive opportunity that is designed to promote retention and reward the attainment of defined performance goals. We are dedicated to maintaining fairness and equity in our compensation practices. In addition, throughout the year, we celebrate the accomplishments and contributions of our employees through our quarterly CEO Awards, which provide both acknowledgment and financial rewards.

Employee Engagement

We actively engage with our team members through various channels to gain insights into their views on workplace culture, engagement, talent management, growth, and overall well-being. Throughout the year, we engage with our employees

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through events such as company-wide town halls, all-hands meetings, leadership meetings, virtual educational sessions focused on different areas of our organization – known as "Red Talks" – as well as additional discussion platforms. To assess employee engagement, we also periodically collect employee feedback through employee engagement surveys that cover a variety of topics, such as engagement, well-being, client experience, communication, teamwork, manager effectiveness, trust, and work environment. This feedback helps shape our human capital strategies and initiatives, ensuring they are aligned with the needs and expectations of our workforce. Moreover, the board of directors also reviews critical feedback and receives updates on management’s plans in response to the employee input. This ongoing process allows us to continuously refine our strategies by integrating the valuable perspectives and experiences of our workforce.

Workplace Culture

We embrace differences within our workforce, customers, and partners, recognizing and valuing the unique backgrounds, experiences, skills, thoughts, and talents of everyone. Our approach is rooted in the belief that empowering individuals to bring their full talents to work leads to stronger business outcomes and a more dynamic organization. We strive to create an environment where every employee feels respected, supported, and able to contribute meaningfully, regardless of their role or background.

To support this commitment, we have established eight employee resource groups (ERGs). These voluntary, employee-led groups provide forums for employees to connect, share experiences, and engage in professional development. The ERGs play a vital role in fostering employee engagement, supporting career growth, and facilitating open dialogue on topics relevant to our workforce.

We regularly assess our workplace culture through employee feedback, participation rates in ERG activities, and other engagement metrics. Our goal is to ensure that our workplace reflects the communities we serve and that all employees feel valued and empowered to reach their full potential.

Well-being and Safety

We are dedicated to ensuring the well-being and safety of our employees and business partners, consistently taking measures to uphold this commitment. Our market-competitive benefits package is designed to support the physical, financial, and emotional well-being of our employees. We provide regular training on health and safety requirements to keep our workforce informed and prepared. Additionally, employees are invited to participate in monthly site safety committee meetings, fostering a collaborative approach to workplace safety. We encourage employees to report any safety concerns, either directly to any member of the appropriate site safety team or anonymously to the human resources or compliance teams. This open communication helps us maintain a safe and secure working environment for everyone.

We offer a variety of programs to benefit our employees and support work environments that encourage growth, innovation, and productivity. These benefits include standard medical, dental, life, and disability insurance, as well as programs that address mental, physical, financial, and social well-being. We provide paid parental leave and assistance with infertility, adoption, and surrogacy. Our employee assistance program provides confidential counseling services. Additionally, we offer tuition assistance and a 401(k) retirement plan with a company match. Long-term employees have the opportunity to take a sabbatical, and we offer unlimited flexible time off for our salaried employees. By supporting our employees in their personal lives, we equip them with the tools they need to deliver for customers and shareholders while at work.

Community Engagement

Our employees are deeply committed to fostering connections, staying active, and giving back to the communities we serve. These values are embedded in our core principles and are evident through our various partnerships and charitable initiatives. This spirit of community engagement is pervasive throughout our organization, supported by our paid volunteer time off (VTO) program, which grants employees up to five paid VTO days per year. Additionally, our collaboration with the Deluxe Foundation allows employees to contribute to not-for-profit organizations of their choice, with the foundation matching donations dollar for dollar, up to $2,000 per year. Our dedication extends beyond financial contributions. We uphold our commitment to community enrichment through several key initiatives:

•For many years, we have partnered with Junior Achievement USA® chapters in our local communities to inspire and prepare young people for success. Our support for Junior Achievement’s mission is demonstrated through foundation grants, raising awareness, and employee volunteerism.

•Our longstanding partnership with the American Red Cross® involves organizing blood drives at our facilities and hosting various fundraisers to support their mission of preventing and alleviating human suffering during emergencies.

•In 2025, 1,084 Deluxe volunteers from around the country packed 244,116 meals for local food shelves.

•Our employees and retirees donated over $300,000 to nonprofit organizations through Deluxe in 2025.

•In 2025, our employees contributed approximately 9,000 hours to community service through our VTO program.

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These collective efforts exemplify our commitment to strengthening the communities where we live and work. By empowering our employees to actively participate in volunteerism, charitable giving, and meaningful partnerships, we foster a culture of service and social responsibility that extends well beyond our workplace. Our ongoing dedication to community enrichment is not only reflected in the hours volunteered and funds donated, but also in the lasting relationships and positive change we help create throughout the year.

SEASONALITY

Over the years, we have observed seasonal patterns in the demand for some of our products and services. For instance, revenue from holiday cards in our Print segment tends to peak in the fourth quarter, driven by the holiday season. Similarly, sales of tax forms in the Print segment are generally higher in the first and fourth quarters. In our Data Solutions segment, the timing of our customers' marketing campaigns leads to revenue variations throughout the year, often with lower levels of activity in the fourth quarter of the year.

GOVERNMENT REGULATION

Our business operations are governed by a wide array of international, federal, state, and local laws and regulations. These regulations impact various aspects of our activities, including labor practices, advertising, taxation, data privacy and security, consumer reports, consumer protection, merchant processing, online payment services, real estate, e-commerce, intellectual property, healthcare, environmental issues, and workplace health and safety. Navigating the complexities of these existing laws and regulations is a significant challenge, and there is always the possibility that regulators may introduce new laws or regulations at any time.

For more specific information about the effects of government regulation on our business, see Item 1A, "Legal and Compliance Risks – Governmental regulation is continuously evolving and could adversely affect our business." We believe that the impact of complying with government regulations on our capital expenditures, earnings, and competitive position will remain stable in the upcoming year, with no material deviation from the impact in 2025.

AVAILABLE INFORMATION

We provide free access to our financial reports on our website, www.investors.deluxe.com/financials/sec-filings. This includes our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to these reports, which are filed or furnished in accordance with section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended. These documents are made available as soon as reasonably possible after they are electronically submitted to the SEC. Additionally, you can access these reports directly through the SEC website, www.sec.gov.

If you prefer a printed copy of any of these reports, you can request one at no cost by calling 651-787-1068, or by sending a written request to the Corporate Secretary at Deluxe Corporation, 801 Marquette Ave. South, Minneapolis, MN 55402, or by sending an email request to investor.relations@deluxe.com.

OUR CODE OF ETHICS AND CORPORATE GOVERNANCE GUIDELINES

We have implemented a Code of Ethics that is applicable to our directors, employees, contractors, agents, and anyone acting on our behalf. The Code of Ethics can be accessed on our website at www.investors.deluxe.com/governance/governance-documents. Additionally, you can obtain a copy by sending a written request to the Corporate Secretary at Deluxe Corporation, 801 Marquette Ave. South, Minneapolis, MN 55402. Any modifications or waivers of the Code of Ethics will be publicly disclosed on our website. The content of these websites is not incorporated by reference in this Annual Report on Form 10-K or in any other report or document we submit to the SEC.

Our Corporate Governance Guidelines, along with the charters for the Audit and Finance Committee, Compensation and Talent Committee, and Corporate Governance Committee of our board of directors, are also available on our website at www.investors.deluxe.com/governance/governance-documents. These documents can also be obtained by sending a written request to the address mentioned above.

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INFORMATION ABOUT OUR EXECUTIVE OFFICERS

Our executive officers are appointed by the board of directors each year. The following summarizes our executive officers and their positions.

Barry McCarthy joined us in November 2018 as President and Chief Executive Officer.

Chip Zint joined us in August 2020 as Vice President of Corporate Finance and was named Senior Vice President, Chief Financial Officer in October 2022.

Garry Capers, Jr. joined us in September 2019 as President, Data Solutions, and in November 2021, added the former Promotional Solutions segment to his responsibilities. Mr. Capers was named Chief Operations Officer in July 2023 and was named President, B2B Payments in October 2025.

Jeffrey Cotter joined us in June 2018 as Senior Vice President, General Counsel, and added Chief Administrative Officer to his responsibilities in January 2019.

Kimberly Cross joined us in October 2024 as Senior Vice President, Chief Human Resources Officer. Prior to joining us, Ms. Cross was employed by Fiserv, a financial services technology company, most recently as Senior Vice President, Head of Human Resources for Merchant Solutions from October 2019 to October 2024.

Tracey Engelhardt was named Senior Vice President, Checks in October 2019, and in May 2022, she added Chief of Operations to her responsibilities. In July 2023, Ms. Engelhardt was named President, Print.

Yogs Jayaprakasam joined us in May 2022 as Senior Vice President, Chief Technology and Digital Officer. Prior to joining us, Mr. Jayaprakasam held several positions with American Express Company, most recently as Unit Chief Information Officer for the Global and Large Client Group and head of engineering for B2B Digital Payments from June 2021 to May 2022. Mr. Jayaprakasam also served American Express Company as Vice President, Enterprise Platforms for Sales, Marketing, and Data Platforms from May 2020 to June 2021.

Brian Mahony joined us in February 2025 as Senior Vice President, President, Merchant Services. Prior to joining us, Mr. Mahony was employed by Elavon, Inc., a wholly-owned subsidiary of U.S. Bancorp, where he served as Chief Revenue Officer from August 2022 to May 2024, as the head of transformation for the Payments business unit from February 2022 to August 2022, and as Chief Financial Officer from September 2019 to February 2022.