Financial Analysis

3. Acquisitions EPOS Acquisition On January 30, 2026, we completed the acquisition of EPOS from Demant A/S, 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. For accounting purposes, the Company is the acquiring enterprise. The EPOS acquisition is being accounted for as a purchase business combination and the results of EPOS are included in both of the Company's operating business segments in our consolidated financial statements as of the acquisition date. The purchase price paid at closing was 6.5 million (US$ 7.8 million, based on January 30, 2026 exchange rates), plus up to an additional 3.0 million (US$ 3.6 million based on January 30, 2026 exchange rates) in contingent purchase price consideration. The purchase price, net of cash acquired of $ 6.7 million, was $ 1.1 million, which was less than the fair value of the identifiable net assets acquired resulting in a bargain purchase gain. The Company purchased EPOS at a significant discount as the business was operating at a consolidated loss globally. We have the infrastructure to achie …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"18 . Commitments and Contingencies Brazil Tax Assessments In connection with our May 1, 2012, acquisition of the Mead C&OP business, we assumed all of the tax liabilities for the acquired foreign operations including ACCO Brazil. In June 2025, we agreed with the Brazilian Treasury to settle the Brazil Tax Assessments pursuant to an amnesty program. For further information, see ""Note 11. Income Taxes - Brazil Tax Assessments "". Tariffs In February 2026, the U.S. Supreme Court overturned the temporary 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. 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. In April 2026, the CBP launched the Consolidated Administration and processing of Entries (""CAPE"") process, which allows entities to submit refund claims for IEEPA tariffs paid. We submitted claims seeking approximately $ 20.6 million of previously paid IEEPA tariffs through CAPE, which we expect to receive during the second half of 2026. In addition, we intend to submit additional claims of approximately $ 5.0 million which we expect to receive during 2027. The Company elected to account for the recoveries for previously paid IEEPA tariffs in accordance with the Accounting Standards Codification 450-30, Gain Contingencies (""ASC 450""). AS …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"4 . Long-term Debt and Short-term Borrowings Notes payable and long-term debt, listed in order of the priority of security interests in assets of the Company, consisted of the following as of June 30, 2026 and December 31, 2025: (in millions) June 30, 2026 December 31, 2025 Euro Senior Secured Term Loan A, due October 2029 (floating interest rate of 4.54 % at June 30, 2026 and 4.27 % at December 31, 2025) $ 95.0 $ 101.3 Euro Dollar Senior Secured Revolving Credit Facility, due October 2029 (floating interest rate of 4.54 % at June 30, 2026 and 4.27 % at December 31, 2025) 110.8 106.9 U.S. Dollar Senior Secured Revolving Credit Facility, due October 2029 (floating interest rate of 6.05 % at June 30, 2026 and 6.06 % at December 31, 2025) 113.6 33.6 Australian Dollar Senior Secured Revolving Credit Facility, due October 2029 (floating interest rate of 6.72 % at June 30, 2026 and 6.03 % at December 31, 2025) 27.2 24.1 Senior Unsecured Notes, due March 2029 (fixed interest rate of 4.25 %) 575.0 575.0 Other borrowings 12.2 Total debt 933.8 840.9 Less: Current portion 33.8 30.8 Debt issuance costs, unamortized 3.4 4.1 Long-term debt, net $ 896.6 $ 806.0 Credit Agreement The Company is party to a Third Amended and Restated Credit Agreement, dated as of January 27, 2017, as amended, among the Company, certain subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other agents and various lenders party thereto, (as amended, the ""Credit Agreement""). The …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present our net sales disaggregated by regional geography, based upon our operating segments and our net sales disaggregated by the timing of revenue recognition for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 United States $ 204.2 $ 190.4 $ 329.5 $ 318.2 Canada 26.0 27.6 40.7 41.8 Latin America 32.7 30.5 71.2 62.4 ACCO Brands Americas 262.9 248.5 441.4 422.4 EMEA (1) 118.3 113.1 247.7 225.7 Australia/N.Z. 24.8 24.6 51.9 47.9 Asia 9.1 8.6 17.8 16.2 ACCO Brands International 152.2 146.3 317.4 289.8 Net sales (2) $ 415.1 $ 394.8 $ 758.8 $ 712.2 (1) EMEA is comprised largely of Europe but also includes export sales to the Middle East and Africa. (2) Net sales are attributed to geographic areas based on the location of the selling subsidiaries. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Product and services transferred at a point in time $ 409.7 $ 386.2 $ 746.9 $ 695.4 Product and services transferred over time 5.4 8.6 11.9 16.8 Net sales $ 415.1 $ 394.8 $ 758.8 $ 712.2

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"7 . Stock-Based Compensation The following table summarizes our stock-based compensation expense, including stock options, restricted stock units (""RSUs"") and performance stock units (""PSUs""), for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Stock option compensation expense $ $ $ $ 0.1 RSU compensation expense 3.7 1.5 5.0 4.9 PSU compensation expense ( 0.9 ) ( 1.0 ) 2.2 3.3 Total stock-based compensation expense $ 2.8 $ 0.5 $ 7.2 $ 8.3 We generally recognize expense for stock-based awards ratably over the vesting period. During the second quarter of 2026, stock compensation grants were made consisting of 1,311,987 PSUs and 31,170 RSUs; in addition, the Company's Board of Directors approved the annual stock compensation grant to eligible non-employee directors, which consisted of 262,472 RSUs. The following table summarizes our unrecognized compensation expense and the weighted-average period over which the expense will be recognized as of June 30, 2026: June 30, 2026 (in millions, except weighted average years) Unrecognized Compensation Expense Weighted Average Years Expense To Be Recognized Over RSUs $ 10.7 2.3 PSUs $ 2.9 1.8"

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"14 . Fair Value of Financial Instruments In establishing a fair value, there is a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The basis of the fair value measurement is categorized in three levels, in order of priority, as described below: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 Unadjusted quoted prices in active markets for similar assets or liabilities, or Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or Inputs other than quoted prices that are observable for the asset or liability Level 3 Unobservable inputs for the asset or liability We utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. We have determined that our financial assets and liabilities described in ""Note 13 . Derivative Financial Instruments"" are Level 2 in the fair value hierarchy. The following table sets forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of June 30, 2026 and December 31, 2025: (in millions) June 30, 2026 December 31, 2025 Assets: Forward currency contracts $ 2.8 $ 0.6 Liabilities: Forward currency contracts $ 0.8 $ 1.2 Our forward currency contracts are included in ""Other current assets,"" ""Other current …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

9 . Goodwill and Identifiable Intangible Assets Goodwill We test goodwill for impairment at least annually and on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. No such event or circumstance was identified during the second quarter ended June 30, 2026. Historically, we performed our annual impairment test during the second quarter with a May 31st measurement date. During the second quarter of 2026, we changed the measurement date from May 31st to August 31st. This change is preferable as it better aligns with the timing of our strategic planning process while still providing adequate time to complete the impairment testing analysis prior to the year-end financial reporting. The new measurement date is within twelve months of our last impairment assessment of goodwill which was performed as of November 30, 2025, on a quantitative basis, for both the Americas and International reporting units. This change does not accelerate, delay, avoid, or cause an impairment charge, nor does this change result in adjustments to previously issued financial statements. Changes in the net carrying amount of goodwill by segment were as follows: (in millions) ACCO Brands Americas ACCO Brands International Total Balance at December 31, 2025 $ 254.7 $ 223.8 $ 478.5 Foreign currency translation 0.7 ( 9.9 ) ( 9.2 ) Balance at June 30, 2026 $ 255.4 $ 213.9 $ 469.3 The goodwill balance includes $ 530.8 million of accumu …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"11 . Income Taxes For the three months ended June 30, 2026, we recorded income tax expense of $ 5.6 million on income before taxes of $ 19.7 million . For the three months ended June 30, 2025, we recorded income tax benefit of $ 6.5 million on income before taxes of $ 22.7 million . The $ 12.1 million increase in income tax expense for the three months ended June 30, 2026 was primarily attributable to the net tax benefit from settling the Brazil Tax Assessments in the three months ended June 30, 2025. For the six months ended June 30, 2026, we recorded income tax expense of $ 1.1 million on income before taxes of $ 34.6 million . For the six months ended June 30, 2025, we recorded income tax benefit of $ 9.8 million on income before taxes of $ 6.2 million . The $ 10.9 million increase in income tax expense for the six months ended June 30, 2026 was primarily attributable to the net tax benefit from settling the Brazil Tax Assessments for the six months ended June 30, 2025 as well as the decrease in income before taxes for the six months ended June 30, 2026 without the bargain purchase gain that carries no tax effect. The U.S. federal statute of limitations remains open for the years 2021 and forward. Foreign and U.S. state jurisdictions have statutes of limitations generally ranging from 2 to 6 years. As of June 30, 2026, years still open to examination by foreign tax authorities in major jurisdictions include Australia ( 2021 forward ), Brazil ( 2021 forward ), Canada ( 202 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (""FASB"") issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires a public entity to disaggregate certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the effect this guidance will have on the notes to our consolidated financial statements. There were no other recently issued accounting standards that are expected to have a material effect on the Companys financial condition, results of operations or cash flow. Recently Adopted Accounting Standards There were no accounting standards that were adopted in the first six months of 2026 that had a material effect on the Companys financial condition, results of operations or cash flow."

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"6. Pension and Other Retiree Benefits The components of net periodic benefit (income) cost for pension and post-retirement plans for the three and six months ended June 30, 2026 and 2025 were as follows: Three Months Ended June 30, Pension Post-retirement U.S. International (in millions) 2026 2025 2026 2025 2026 2025 Service cost $ $ $ 0.2 $ 0.2 $ $ Interest cost 1.8 1.9 4.7 4.8 0.1 Expected return on plan assets ( 3.2 ) ( 3.2 ) ( 5.1 ) ( 4.6 ) Amortization of net loss (gain) 0.8 0.6 1.0 1.1 ( 0.1 ) ( 0.1 ) Amortization of prior service cost Net periodic benefit (income) cost $ ( 0.6 ) $ ( 0.7 ) $ 0.8 $ 1.5 $ $ ( 0.1 ) Six Months Ended June 30, Pension Post-retirement U.S. International (in millions) 2026 2025 2026 2025 2026 2025 Service cost $ $ $ 0.3 $ 0.4 $ $ Interest cost 3.6 3.8 9.3 9.3 0.1 Expected return on plan assets ( 6.4 ) ( 6.4 ) ( 10.3 ) ( 9.0 ) Amortization of net loss (gain) 1.6 1.2 2.1 2.2 ( 0.2 ) ( 0.2 ) Amortization of prior service cost 0.1 Net periodic benefit (income) cost $ ( 1.2 ) $ ( 1.4 ) $ 1.5 $ 2.9 $ ( 0.1 ) $ ( 0.2 ) (1) The components of net periodic benefit (income) cost, other than service cost, are included in the line ""Non-operating pension (income) expense"" in the Consolidated Statements of Income . We expect to contribute approximately $ 18.0 million to our defined benefit plans in 2026. For the six months ended June 30, 2026, we have contributed $ 8.3 million to these plans." …

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10 . Restructuring The Company recorded $ 1.3 million and $ 8.0 million of restructuring expense for the three and six months ended June 30, 2026, which was primarily for severance related to the integration of EPOS and our cost reduction programs in both the Americas and International segments. The Company recorded $ 9.4 million and $ 11.7 million of net restructuring expense for the three and six months ended June 30, 2025. The summary of the activity in the restructuring liability for the six months ended June 30, 2026 was as follows: (in millions) Balance at December 31, 2025 Provision Cash Expenditures Non-cash Items/Currency Change Balance at June 30, 2026 Employee termination costs $ 23.0 $ 7.4 $ ( 9.6 ) $ ( 0.1 ) $ 20.7 Other 0.3 0.6 ( 0.7 ) ( 0.1 ) 0.1 Total restructuring liability (1) $ 23.3 $ 8.0 $ ( 10.3 ) $ ( 0.2 ) $ 20.8 (1) We expect $ 18.0 million of the remaining $ 20.8 million of restructuring costs to be paid in the next twelve months . The summary of the activity in the restructuring liability for the six months ended June 30, 2025 was as follows: (in millions) Balance at December 31, 2024 Provision Cash Expenditures Non-cash Items/Currency Change Balance at June 30, 2025 Employee termination costs $ 26.6 $ 9.6 $ ( 13.6 ) $ 0.7 $ 23.3 Other 2.1 ( 2.1 ) 0.1 0.1 Total restructuring liability $ 26.6 $ 11.7 $ ( 15.7 ) $ 0.8 $ 23.4 …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"16 . 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. Freight and distribution activities performed before the customer obtains control of the goods are not considered promised services under customer contracts and therefore are not distinct performance obligations. The Company has chosen to account for shipping and handling activities as a fulfillment activity and therefore accrues the expense of freight and distribution in ""Cost of products sold"" when products are shipped. As of December 31, 2025, there was $ 2.5 million of unearned revenue associated with outstanding service or extended maintenance agreements (""EMAs""), primarily reported in ""Other current liabilities."" During the three and six months ended June 30, 2026, $ 1.0 million and $ 1.5 million of the unea …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"17 . Information on Operating Segments The Company has two operating segments based in different geographic regions: 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 Chief Operating Decision Maker (""CODM""), which is our President and Chief Executive Officer , analyzes and evaluates the Company's financial results at the operating segment level to assess performance and allocate resources. This includes net revenue, gross margins, operating income, restructuring expense, components of working capital investments, and other ratio performance metrics. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. The Company's two operating segments are as follows: Operating Segment Geography Primary Brands Primary Products ACCO Brands Americas United States, Canada and Latin America AT-A-GLANCE , Barrilito , EPOS , Five Star , Foroni , GBC , Hilroy , Kensington , Mead , PowerA , Quartet , Swingline and Tilibra Note taking products, gaming and computer accessories; planners; workspace machines, tools and essentials and dry erase boards and accessories. ACCO Brands International EMEA, Australia/N.Z., and Asia Artl …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing