[10-Q] Donnelley Financial Solutions, Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

Donnelley Financial Solutions (DFIN) reported Q3 results highlighted by a non-cash $82.8 million pension plan settlement charge, which drove a net loss of $40.9 million and diluted EPS of $1.49. Excluding that item, operations were solid: income from operations was $28.2 million and Segment Adjusted EBITDA was $61.3 million.

Total net sales were $175.3 million versus $179.5 million a year ago. Software solutions grew to $90.7 million (from $82.2 million), while tech‑enabled services were $68.6 million (from $75.2 million) and print and distribution were $16.0 million (from $22.1 million). Year‑to‑date, net sales were $594.5 million versus $625.6 million.

Cash from operations for the first nine months was $105.1 million. The company repurchased $111.6 million of stock (2,307,820 shares) year‑to‑date and had $22.7 million in cash at quarter‑end. Total debt was $154.7 million, including $112.1 million under Term Loan A and $43.0 million drawn on the revolver. In March, DFIN entered an amended facility with a $115.0 million Term Loan A and a $300.0 million revolver maturing in 2030.

Insights

Accounting and Pensions Analyst

One-time pension settlement drives GAAP loss; cash and operations steady.

The quarter includes a $82.8M non-cash pension plan settlement charge tied to terminating and settling the primary defined benefit plan, which moved accumulated losses from equity into expense. This explains the GAAP net loss of $40.9M despite $28.2M income from operations and $61.3M Segment Adjusted EBITDA.

Year-to-date operating cash flow of $105.1M supports ongoing investment and capital returns. The settlement follows a $12.5M cash contribution to fully fund the plan; future pension volatility may decline following settlement.

Key items to track from the provided figures are the mix shift toward software solutions (Q3 software sales $90.7M) and execution under the amended credit agreement with maturity in 2030.

Capital Structure Analyst

Refinanced into Term Loan A and $300M revolver; active buybacks continue.

DFIN amended its credit agreement on Mar 13, 2025, putting in place a $115.0M Term Loan A and a $300.0M revolver. At quarter end, debt totaled $154.7M with $43.0M drawn on the revolver. Weighted-average borrowing rates were in the mid-6% range year-to-date.

Capital returns remain meaningful: year-to-date repurchases were $111.6M (2,307,820 shares), with a new authorization effective May 16, 2025 and $114.5M remaining as of quarter end. Liquidity included $22.7M cash; detailed undrawn revolver capacity was not listed in the excerpt.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-37728

Donnelley Financial Solutions, Inc.

(Exact name of registrant as specified in its charter)

Delaware		36-4829638
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
391 Steel Way, Lancaster, Pennsylvania		17601
(Address of principal executive offices)		(Zip code)

(800) 823-5304

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock (Par Value $0.01)		DFIN		NYSE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer		☒		Accelerated filer		☐
Non-Accelerated filer		☐		Smaller reporting company		☐
Emerging growth company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of October 24, 2025, 26,537,083 shares of common stock were outstanding.

DONNELLEY FINANCIAL SOLUTIONS, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

TABLE OF CONTENTS

			Page
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS			3
Part I
FINANCIAL INFORMATION
Item 1:	Condensed Consolidated Financial Statements (unaudited)
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024		4
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024		5
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024		6
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024		7
	Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024		8
	Notes to Condensed Consolidated Financial Statements		10
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations		26
Item 3:	Quantitative and Qualitative Disclosure About Market Risk		41
Item 4:	Controls and Procedures		41

Part II
OTHER INFORMATION
Item 1:	Legal Proceedings		41
Item 1A:	Risk Factors		41
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds		42
Item 3:	Defaults Upon Senior Securities		42
Item 4:	Mine Safety Disclosures		42
Item 5:	Other Information		42
Item 6:	Exhibits		44
Signatures			45

2

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Donnelley Financial Solutions, Inc. and subsidiaries (“DFIN” or the “Company”) has made forward-looking statements in this Quarterly Report on Form 10-Q (the “Quarterly Report”) within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of the Company. Generally, forward-looking statements include information concerning possible or assumed future actions, events, or results of operations of the Company. These statements may include words such as “anticipates,” “estimates,” “expects,” “projects,” “forecasts,” “intends,” “plans,” “continues,” “believes,” “may,” “will,” “goals” and variations of such words and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are not guarantees of future performance. These forward-looking statements are subject to a number of important factors, including those factors discussed in detail in Part I, Item 1A. Risk Factors, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 18, 2025 (the “Annual Report”), in addition to those discussed elsewhere in this Quarterly Report, that could cause the Company’s actual results to differ materially from those indicated in any such forward-looking statements. These factors include, but are not limited to:

•the volatility of the global economy and financial markets, and its impact on transactional volume;

•failure to offer high quality customer support and services;

•the retention of existing, and continued attraction of additional clients;

•failure to maintain the confidentiality, integrity and availability of systems, software and solutions as a result of a material breach of security or other performance issues;

•the growth of new technologies and changes in client demands, to which the Company may not be able to adequately adapt;

•the Company’s inability to maintain client referrals;

•the competitive market for the Company’s products, clients’ budgetary constraints and industry fragmentation affecting prices;

•the ability to gain client acceptance of the Company’s new products and technologies;

•failure of disaster recovery and business continuity plans to adequately respond to a material disruptive event;

•undetected errors or failures found in the Company’s services and products could tie-up customer support resources or delay market acceptance of the Company’s services and products;

•the retention of existing, and continued attraction of key employees, including management;

•failure to properly use and protect client and employee information and data;

•the effect of availability, quality, security or other performance issues of any of the Company’s or third-party systems or services;

•factors that affect client demand, including changes in economic conditions and national or international regulations;

•the Company’s ability to access debt and the capital markets due to adverse credit market conditions;

•the effect of increasing costs of providing healthcare and other benefits to employees;

•changes in the availability or costs of key materials (such as ink and paper);

•failure to protect the Company’s proprietary technology;

•ability to maintain the Company’s brands and reputation;

•funding obligations arising from multiemployer pension plans obligations of the Company’s former affiliates;

•the effects of operating in international markets, including fluctuations in currency exchange rates;

•the effect of economic and political conditions, including global health crises, geopolitical instability and government shutdowns, on a regional, national or international basis.

Because forward-looking statements are subject to assumptions and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Undue reliance should not be placed on such statements, which speak only as of the date of this document or the date of any document that may be incorporated by reference into this document.

Consequently, readers of the Quarterly Report should consider these forward-looking statements only as the Company’s current plans, estimates and beliefs. Except to the extent required by law, the Company does not undertake and specifically declines any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. The Company undertakes no obligation to update or revise any forward-looking statements in this Quarterly Report to reflect any new events or any change in conditions or circumstances other than to the extent required by law.

3

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Condensed Consolidated Statements of Operations

(in millions, except per share data)

(UNAUDITED)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net sales
Software solutions		$	90.7			$	82.2			$	267.5			$	248.1
Tech-enabled services			68.6				75.2				230.3				260.3
Print and distribution			16.0				22.1				96.7				117.2
Total net sales			175.3				179.5				594.5				625.6
Cost of sales (a)
Software solutions			28.4				27.6				82.4				80.3
Tech-enabled services			27.9				29.2				86.8				93.7
Print and distribution			9.0				11.9				48.3				61.3
Total cost of sales			65.3				68.7				217.5				235.3
Selling, general and administrative expenses (a)			67.3				74.0				203.1				222.9
Depreciation and amortization			15.2				17.2				44.4				45.4
Restructuring, impairment and other charges, net			0.9				1.4				4.8				4.5
Other operating income, net			(1.6	)			—				(2.1	)			(9.8	)
Income from operations			28.2				18.2				126.8				127.3
Interest expense, net			2.9				3.1				9.8				10.4
Pension plan settlement charge			82.8				—				82.8				—
Investment and other loss (income), net			0.4				(0.3	)			1.2				(1.1	)
(Loss) earnings before income taxes			(57.9	)			15.4				33.0				118.0
Income tax (benefit) expense			(17.0	)			6.7				6.8				31.9
Net (loss) earnings		$	(40.9	)		$	8.7			$	26.2			$	86.1
Net (loss) earnings per share:
Basic		$	(1.49	)		$	0.30			$	0.94			$	2.94
Diluted		$	(1.49	)		$	0.29			$	0.92			$	2.86
Weighted average number of common shares outstanding:
Basic			27.4				29.1				27.9				29.3
Diluted			27.4				29.9				28.5				30.1

(a)Exclusive of depreciation and amortization

See Notes to the Unaudited Condensed Consolidated Financial Statements

4

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Condensed Consolidated Statements of Comprehensive Income

(in millions)

(UNAUDITED)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net (loss) earnings		$	(40.9	)		$	8.7			$	26.2			$	86.1
Other comprehensive income, net of tax:
Translation adjustments			(0.6	)			0.8				1.1				0.2
Pension plan settlement charge			60.3				—				60.3				—
Adjustment for net periodic pension and other postretirement benefits plans			1.0				0.4				1.6				0.8
Other comprehensive income, net of tax			60.7				1.2				63.0				1.0
Comprehensive income		$	19.8			$	9.9			$	89.2			$	87.1

See Notes to the Unaudited Condensed Consolidated Financial Statements

5

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Condensed Consolidated Balance Sheets

(in millions, except per share data)

(UNAUDITED)

		September 30, 2025				December 31, 2024
ASSETS
Cash and cash equivalents		$	22.7			$	57.3
Receivables, less allowances for expected losses of $24.2 in 2025 (2024 - $25.0)			161.0				138.0
Prepaid expenses and other current assets			34.0				37.2
Total current assets			217.7				232.5
Property, plant and equipment, net			6.8				8.9
Operating lease right-of-use assets			7.9				12.3
Software, net			97.3				96.5
Goodwill			405.7				405.4
Deferred income taxes, net			48.3				56.4
Other noncurrent assets			32.6				29.6
Total assets		$	816.3			$	841.6
LIABILITIES
Accounts payable		$	27.8			$	28.7
Current portion of long-term debt			5.8				—
Operating lease liabilities			5.4				10.3
Accrued liabilities			154.3				185.1
Total current liabilities			193.3				224.1
Long-term debt			148.9				124.7
Deferred compensation liabilities			12.0				12.2
Pension and other postretirement benefits plans liabilities			23.1				23.3
Noncurrent operating lease liabilities			2.6				6.4
Other noncurrent liabilities			13.3				14.8
Total liabilities			393.2				405.5
Commitments and Contingencies (Note 7)
EQUITY
Preferred stock, $0.01 par value
Authorized: 1.0 shares; Issued: None			—				—
Common stock, $0.01 par value
Authorized: 65.0 shares;
Issued and outstanding: 39.6 shares and 26.9 shares in 2025 (2024 - 38.9 shares and 28.7 shares)			0.4				0.4
Treasury stock, at cost: 12.7 shares in 2025 (2024 - 10.2 shares)			(469.0	)			(344.1	)
Additional paid-in capital			355.9				333.2
Retained earnings			554.7				528.5
Accumulated other comprehensive loss			(18.9	)			(81.9	)
Total equity			423.1				436.1
Total liabilities and equity		$	816.3			$	841.6

See Notes to the Unaudited Condensed Consolidated Financial Statements

6

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Condensed Consolidated Statements of Cash Flows

(in millions)

(UNAUDITED)

		Nine Months Ended September 30,
		2025				2024
OPERATING ACTIVITIES
Net earnings		$	26.2			$	86.1
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			44.4				45.4
Provision for expected losses on accounts receivable			7.6				14.3
Share-based compensation expense			20.3				19.2
Deferred income taxes			(14.8	)			(5.7	)
Pension plan settlement charge			82.8				—
Net pension plan expense (income)			1.3				(0.8	)
Gain on sales of long-lived assets			(0.5	)			(9.8	)
Amortization of operating lease right-of-use assets			5.0				6.9
Other			(2.0	)			1.4
Changes in operating assets and liabilities:
Receivables, net			(29.6	)			(40.2	)
Prepaid expenses and other current assets			5.1				0.4
Accounts payable			1.5				—
Income taxes payable and receivable			(1.5	)			4.0
Accrued liabilities and other			(19.5	)			5.5
Operating lease liabilities			(7.4	)			(10.6	)
Pension and other postretirement benefits plans contributions			(13.8	)			(1.4	)
Net cash provided by operating activities			105.1				114.7
INVESTING ACTIVITIES
Capital expenditures			(45.2	)			(50.8	)
Proceeds from sales of investments in equity securities			0.1				0.2
Proceeds from sale of long-lived assets			—				12.4
Net cash used in investing activities			(45.1	)			(38.2	)
FINANCING ACTIVITIES
Revolving facility borrowings			236.5				159.5
Payments on revolving facility borrowings			(193.5	)			(159.5	)
Payments on long-term debt			(127.9	)			—
Proceeds from issuance of long-term debt			115.0				—
Debt issuance costs			(2.2	)			—
Treasury share repurchases			(123.1	)			(64.4	)
Cash received for common stock issuances			1.9				0.6
Finance lease payments			(2.4	)			(2.1	)
Net cash used in financing activities			(95.7	)			(65.9	)
Effect of exchange rate on cash and cash equivalents			1.1				(0.1	)
Net (decrease) increase in cash and cash equivalents			(34.6	)			10.5
Cash and cash equivalents at beginning of year			57.3				23.1
Cash and cash equivalents at end of period		$	22.7			$	33.6
Supplemental cash flow information:
Income taxes paid, net of refunds		$	23.6			$	33.5
Interest paid		$	8.6			$	10.7
Non-cash investing activities:
Capitalized software included in accounts payable		$	3.6			$	0.1

See Notes to the Unaudited Condensed Consolidated Financial Statements

7

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the Three Months Ended September 30, 2025 and 2024

(in millions)

(UNAUDITED)

		Common Stock								Treasury Stock								Additional Paid-in Capital				Retained Earnings				Accumulated Other Comprehensive Loss				Total Equity
		Shares				Amount				Shares				Amount
Balance at June 30, 2025			39.6			$	0.4				12.1			$	(433.1	)		$	348.8			$	595.6			$	(79.6	)		$	432.1
Net loss			—				—				—				—				—				(40.9	)			—				(40.9	)
Other comprehensive income			—				—				—				—				—				—				60.7				60.7
Share-based compensation expense			—				—				—				—				6.8				—				—				6.8
Common stock repurchases			—				—				0.6				(35.8	)			—				—				—				(35.8	)
Issuance of share-based awards, net of withholdings and other			—				—				—				(0.1	)			0.3				—				—				0.2
Balance at September 30, 2025			39.6			$	0.4				12.7			$	(469.0	)		$	355.9			$	554.7			$	(18.9	)		$	423.1
		Common Stock								Treasury Stock								Additional Paid-in Capital				Retained Earnings				Accumulated Other Comprehensive Loss				Total Equity
		Shares				Amount				Shares				Amount
Balance at June 30, 2024			38.8			$	0.4				9.7			$	(313.0	)		$	318.7			$	513.5			$	(78.1	)		$	441.5
Net earnings			—				—				—				—				—				8.7				—				8.7
Other comprehensive income			—				—				—				—				—				—				1.2				1.2
Share-based compensation expense			—				—				—				—				6.7				—				—				6.7
Common stock repurchases			—				—				0.2				(13.4	)			—				—				—				(13.4	)
Issuance of share-based awards, net of withholdings and other			—				—				—				(0.2	)			—				—				—				(0.2	)
Balance at September 30, 2024			38.8			$	0.4				9.9			$	(326.6	)		$	325.4			$	522.2			$	(76.9	)		$	444.5

8

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Condensed Consolidated Statements of Changes in Stockholders’ Equity

For the Nine Months Ended September 30, 2025 and 2024

(in millions)

(UNAUDITED)

		Common Stock								Treasury Stock								Additional Paid-in Capital				Retained Earnings				Accumulated Other Comprehensive Loss				Total Equity
		Shares				Amount				Shares				Amount
Balance at December 31, 2024			38.9			$	0.4				10.2			$	(344.1	)		$	333.2			$	528.5			$	(81.9	)		$	436.1
Net earnings			—				—				—				—				—				26.2				—				26.2
Other comprehensive income			—				—				—				—				—				—				63.0				63.0
Share-based compensation expense			—				—				—				—				20.3				—				—				20.3
Common stock repurchases			—				—				2.2				(112.5	)			—				—				—				(112.5	)
Issuance of share-based awards, net of withholdings and other			0.7				—				0.3				(12.4	)			2.4				—				—				(10.0	)
Balance at September 30, 2025			39.6			$	0.4				12.7			$	(469.0	)		$	355.9			$	554.7			$	(18.9	)		$	423.1
		Common Stock								Treasury Stock								Additional Paid-in Capital				Retained Earnings				Accumulated Other Comprehensive Loss				Total Equity
		Shares				Amount				Shares				Amount
Balance at December 31, 2023			38.0			$	0.4				8.9			$	(262.1	)		$	305.7			$	436.1			$	(77.9	)		$	402.2
Net earnings			—				—				—				—				—				86.1				—				86.1
Other comprehensive income			—				—				—				—				—				—				1.0				1.0
Share-based compensation expense			—				—				—				—				19.2				—				—				19.2
Common stock repurchases			—				—				0.6				(41.4	)			—				—				—				(41.4	)
Issuance of share-based awards, net of withholdings and other			0.8				—				0.4				(23.1	)			0.5				—				—				(22.6	)
Balance at September 30, 2024			38.8			$	0.4				9.9			$	(326.6	)		$	325.4			$	522.2			$	(76.9	)		$	444.5

See Notes to the Unaudited Condensed Consolidated Financial Statements

9

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements

(in millions, except per share data, unless otherwise indicated)

Note 1. Overview, Basis of Presentation and Significant Accounting Policies

Description of Business

DFIN is a leading global provider of innovative software and technology-enabled financial regulatory and compliance solutions. The Company provides regulatory filing and deal solutions via its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve its clients’ regulatory and compliance needs. DFIN helps its clients comply with applicable regulations where and how they want to work in a digital world, providing numerous solutions tailored to each client’s business needs. The prevailing trend is toward clients choosing to utilize the Company’s software solutions, in conjunction with its tech-enabled services, to meet their document and filing needs, while at the same time shifting away from physical print and distribution of documents, except for when it is still regulatorily required or requested by investors.

The Company serves its clients’ regulatory and compliance needs throughout their respective life cycles. For its capital markets clients, the Company offers solutions that allow companies to comply with U.S. Securities and Exchange Commission (“SEC”) regulations and support their corporate financial transactions and regulatory/financial reporting through the use of digital document creation and online content management tools; filing agent services, where applicable; solutions to facilitate clients’ communications with their investors; and virtual data rooms and other deal management solutions. For investment companies clients, the Company provides solutions that allow investment companies to comply with SEC regulations and support financial and regulatory reporting through the use of content management and technology-enabled solutions for creating, compiling and filing regulatory communications as well as digital-driven solutions for distributing content to investors.

Services and Products

The Company separately reports its net sales and related cost of sales for its software solutions, tech-enabled services and print and distribution offerings. The Company’s software solutions consist of ActiveDisclosure® (“ActiveDisclosure”), the Arc Suite® software platform (“Arc Suite”) and Venue® Virtual Data Room (“Venue”). The Company’s tech-enabled services offerings consist of document composition, compliance-related SEC Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) filing services and transactional solutions. The Company’s print and distribution offerings primarily consist of conventional and digital printed products and related shipping.

Basis of Presentation

The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of DFIN and all majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The financial data presented herein should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes included in the Company’s latest Annual Report. In the opinion of management, the financial data presented includes all adjustments necessary to present fairly the results of operations, financial position and cash flows for the interim periods presented. Results of interim periods should not be considered indicative of the results for the full year.

Significant Accounting Policies

Use of Estimates—The preparation of financial statements in conformity with GAAP requires the extensive use of management’s estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. The Company’s significant accounting policies and critical accounting estimates are disclosed in the Annual Report.

Allowances for Expected Losses—Transactions affecting the current expected credit loss (“CECL”) reserve during the nine months ended September 30, 2025 and 2024 were as follows:

		September 30,
		2025				2024
Balance, beginning of year		$	25.0			$	18.9
Provisions charged to expense			7.6				14.3
Write-offs, reclassifications and other			(8.4	)			(8.8	)
Balance, end of period		$	24.2			$	24.4

10

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

The components of the CECL reserve balance at September 30, 2025 and December 31, 2024 were as follows:

		September 30, 2025				December 31, 2024
Provision for accounts receivable		$	23.7			$	24.6
Provision for unbilled receivables and contract assets			0.5				0.4
Total		$	24.2			$	25.0

Assets Held for Sale—On March 29, 2024, the Company sold land for net proceeds of $13.2 million, of which $12.4 million was received in the first quarter of 2024. The Company recognized a net pre-tax gain of $10.6 million related to the sale, of which $9.8 million was recorded during the nine months ended September 30, 2024. The net pre-tax gain was recorded in other operating income, net on the Unaudited Condensed Consolidated Statements of Operations within the Capital Markets - Compliance and Communications Management operating segment.

Property, Plant and Equipment, net—The components of the Company’s property, plant and equipment, net at September 30, 2025 and December 31, 2024 were as follows:

		September 30, 2025				December 31, 2024
Land		$	0.3			$	0.3
Buildings			13.2				15.1
Machinery and equipment			55.5				56.0
			69.0				71.4
Less: Accumulated depreciation			(62.2	)			(62.5	)
Total		$	6.8			$	8.9

Depreciation expense was $1.3 million and $1.6 million for the three months ended September 30, 2025 and 2024, respectively, and $3.8 million and $4.9 million for the nine months ended September 30, 2025 and 2024, respectively.

Software, net—Capitalized software development costs are amortized over their estimated useful life using the straight-line method, up to a maximum of three years. Amortization expense related to internally-developed software was $13.9 million and $15.6 million for the three months ended September 30, 2025 and 2024, respectively, and $40.6 million and $40.5 million for the nine months ended September 30, 2025 and 2024, respectively.

Investments—The carrying value of the Company’s investments in equity securities was $6.3 million and $5.8 million at September 30, 2025 and December 31, 2024, respectively. The Company measures its equity securities that do not have a readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Company performs an assessment on a quarterly basis to determine whether triggering events for impairment exist and to identify any observable price changes.

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires that an entity disclose consistent categories and greater disaggregation of information in the income tax rate reconciliation, income taxes paid disaggregated by jurisdiction, among other amendments that expand income tax disclosures. The standard is effective for fiscal years beginning after December 15, 2024. The Company expects that the adoption of this standard will result in additional income tax disclosures to the consolidated financial statements.

In November 2024 and January 2025, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” and ASU No. 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date,” respectively, which require that an entity disclose disaggregated information about specific natural expense categories underlying certain statement of operations expense line items that are considered relevant in a tabular format within the notes to the consolidated financial statements, among other amendments that expand statement of operations expense disclosures. The standards are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of the adoption of this standard on its disclosures to the consolidated financial statements.

11

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

In September 2025, the FASB issued ASU No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which clarifies the threshold entities apply to begin capitalizing costs and removes references to software development project stages. The ASU requires that an entity capitalize software costs when management has authorized and committed to funding the software project and when it is probable that the project will be completed and the software will be used to perform the intended functions, including consideration of whether there is significant development uncertainty. The standard is effective for fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of the adoption of this standard on the consolidated financial statements.

Note 2. Revenue

Revenue Recognition

The Company manages highly-customized data and materials to enable filings with the SEC on behalf of its customers as well as performs tagging of documents using Inline eXtensible Business Reporting Language (“iXBRL”) and other services. Clients are provided with EDGAR filing services, iXBRL compliance services and translation, editing, interpreting, proof-reading and multilingual typesetting services, among other services. The Company provides software solutions to public and private companies, mutual funds and other regulated investment firms to serve their regulatory and compliance needs, including ActiveDisclosure, Arc Suite and Venue, and provides digital document creation, online content management and print and distribution solutions.

Revenue is recognized upon transfer of control of promised services or products to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services or products. The Company’s services include software solutions and tech-enabled services whereas the Company’s products are comprised of print and distribution offerings. The Company’s arrangements with customers often include promises to transfer multiple services or products to a customer. Determining whether services and products are considered distinct performance obligations that should be accounted for separately requires significant judgment. Certain customer arrangements have multiple performance obligations as certain promises are both capable of being distinct and are distinct within the context of the contract. Other customer arrangements have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts, and therefore is not distinct. Revenue for the Company’s software solutions, tech-enabled services and print and distribution offerings is recognized either over time or at a point in time, as further disclosed in the Annual Report.

Disaggregation of Revenue

The following table disaggregates revenue between software solutions, tech-enabled services and print and distribution by reportable segment:

		Three Months Ended September 30,
		2025																2024
		Software Solutions				Tech-enabled Services				Print and Distribution				Total				Software Solutions				Tech-enabled Services				Print and Distribution				Total
Capital Markets - Software Solutions		$	59.0			$	—			$	—			$	59.0			$	53.3			$	—			$	—			$	53.3
Capital Markets - Compliance and Communications Management			—				51.3				5.9				57.2				—				55.6				7.9				63.5
Investment Companies - Software Solutions			31.7				—				—				31.7				28.9				—				—				28.9
Investment Companies - Compliance and Communications Management			—				17.3				10.1				27.4				—				19.6				14.2				33.8
Total net sales		$	90.7			$	68.6			$	16.0			$	175.3			$	82.2			$	75.2			$	22.1			$	179.5

12

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

		Nine Months Ended September 30,
		2025																2024
		Software Solutions				Tech-enabled Services				Print and Distribution				Total				Software Solutions				Tech-enabled Services				Print and Distribution				Total
Capital Markets - Software Solutions		$	170.0			$	—			$	—			$	170.0			$	163.6			$	—			$	—			$	163.6
Capital Markets - Compliance and Communications Management			—				176.7				57.9				234.6				—				202.9				65.5				268.4
Investment Companies - Software Solutions			97.5				—				—				97.5				84.5				—				—				84.5
Investment Companies - Compliance and Communications Management			—				53.6				38.8				92.4				—				57.4				51.7				109.1
Total net sales		$	267.5			$	230.3			$	96.7			$	594.5			$	248.1			$	260.3			$	117.2			$	625.6

Unbilled Receivables and Contract Balances

The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in contract assets, unbilled receivables or contract liabilities. Contract assets represent revenue recognized for performance obligations completed before an unconditional right to payment exists and therefore invoicing has not yet occurred. The Company generally estimates contract assets based on the historical selling price adjusted for its current experience and expected resolution of the variable consideration of the completed performance obligation. When the Company’s contracts contain variable consideration, the variable consideration is recognized only to the extent that it is probable that a significant revenue reversal will not occur in a future period. As a result, the estimated revenue and contract assets may be constrained until the uncertainty associated with the variable consideration is resolved, which generally occurs in less than one year. Determining whether there will be a significant revenue reversal in the future and the determination of the amount of the constraint requires significant judgment.

Contract assets were $18.8 million and $13.8 million at September 30, 2025 and December 31, 2024, respectively. Generally, the contract assets balance is impacted by the recognition of additional revenue, amounts invoiced to customers and changes in the level of constraint applied to variable consideration. Amounts recognized as revenue exceeded the estimates for performance obligations satisfied in previous periods by approximately $8.6 million and $7.6 million for the three months ended September 30, 2025 and 2024, respectively, and $21.7 million and $18.4 million for the nine months ended September 30, 2025 and 2024, respectively, primarily due to changes in the Company’s estimate of variable consideration and the application of the constraint.

Unbilled receivables are recorded when there is an unconditional right to payment and invoicing has not yet occurred. The Company estimates the value of unbilled receivables based on a combination of historical customer selling price and management’s assessment of realizable selling price. Unbilled receivables were $26.8 million and $24.1 million at September 30, 2025 and December 31, 2024, respectively. Unbilled receivables and contract assets are included in receivables, less allowances for expected losses on the Unaudited Condensed Consolidated Balance Sheets.

Contract liabilities consist of deferred revenue and progress billings, the majority of which is included in accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets. Contract liabilities were $63.8 million and $52.9 million at September 30, 2025 and December 31, 2024, respectively. Contract liabilities increased during the period due to amounts invoiced for performance obligations before the revenue recognition criteria were met, which were offset by decreases due to revenue recognized in the period. The Company recognized $8.6 million and $7.6 million for the three months ended September 30, 2025 and 2024, respectively, and $46.1 million and $35.9 million of revenue during the nine months ended September 30, 2025 and 2024, respectively, that was included in the deferred revenue balances at the beginning of the respective annual periods.

Most of the Company’s contracts with significant remaining performance obligations have an initial expected duration of one year or less. As of September 30, 2025, the future estimated revenue related to unsatisfied or partially satisfied performance obligations under contracts with an original contractual term in excess of one year was approximately $175 million, of which approximately 50% is expected to be recognized as revenue over the succeeding twelve months, and the remainder recognized thereafter.

13

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

Note 3. Goodwill

Goodwill balances by reportable segment were as follows:

		Gross book value at December 31, 2024				Accumulated impairment charges at December 31, 2024				Net book value at December 31, 2024				Foreign exchange adjustments				Net book  value at September 30, 2025
Capital Markets - Software Solutions		$	99.9			$	—			$	99.9			$	0.1			$	100.0
Capital Markets - Compliance and Communications Management			252.5				—				252.5				0.2				252.7
Investment Companies - Software Solutions			53.0				—				53.0				—				53.0
Investment Companies - Compliance and Communications Management			40.6				(40.6	)			—				—				—
Total		$	446.0			$	(40.6	)		$	405.4			$	0.3			$	405.7

Note 4. Leases

The Company has operating leases for certain service centers, office space and equipment as well as finance leases, substantially all related to information technology equipment. Other information related to operating and finance leases for the three and nine months ended September 30, 2025 and 2024 was as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Supplemental cash flow information:
Cash paid related to operating leases		$	2.4			$	3.6			$	7.9			$	11.3
Cash paid related to principal payments on finance leases		$	0.7			$	0.7			$	2.4			$	2.1
Non-cash disclosure:
(Decrease) increase in operating lease liabilities due to lease modifications and remeasurements		$	(2.2	)		$	—			$	(2.2	)		$	0.1

The components of lease expense for the three and nine months ended September 30, 2025 and 2024 were as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Operating lease expense:
Operating lease expense		$	1.8			$	2.4			$	5.5			$	7.3
Sublease income			(0.9	)			(1.2	)			(2.7	)			(3.4	)
Net operating lease expense		$	0.9			$	1.2			$	2.8			$	3.9
Finance lease expense:
Amortization of right-of-use assets		$	0.5			$	0.8			$	1.6			$	2.1
Interest on lease liabilities			—				0.1				0.1				0.2
Total finance lease expense		$	0.5			$	0.9			$	1.7			$	2.3

14

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

The Company’s finance leases as of September 30, 2025 and December 31, 2024 are presented on the Company’s Unaudited Condensed Consolidated Balance Sheets as follows:

		September 30, 2025				December 31, 2024
Property, plant and equipment, net		$	1.7			$	2.9
Accrued liabilities		$	0.9			$	2.8
Other noncurrent liabilities			0.2				0.2
Total		$	1.1			$	3.0

Note 5. Restructuring, Impairment and Other Charges, net

Restructuring, Impairment and Other Charges, net recognized in Results of Operations

The Company records restructuring charges associated with management-approved restructuring plans, which could include the elimination of job functions, closure or relocation of facilities, reorganization of operations, changes in management structure, workforce reductions or other actions. Restructuring charges may include ongoing and enhanced termination benefits related to employee separations, contract termination costs and other related costs associated with exit or disposal activities. Restructuring charges for employee terminations include management’s estimate as to the timing and amount of severance and actual results could differ from estimates.

For the three months ended September 30, 2025 and 2024, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

		Employee Terminations				Other Charges				Total
Three Months Ended September 30, 2025
Capital Markets - Software Solutions		$	0.1			$	0.1			$	0.2
Capital Markets - Compliance and Communications Management			0.3				—				0.3
Investment Companies - Software Solutions			0.3				—				0.3
Corporate			0.1				—				0.1
Total		$	0.8			$	0.1			$	0.9

		Employee Terminations				Impairment Charges				Other Charges				Total
Three Months Ended September 30, 2024
Capital Markets - Compliance and Communications Management		$	0.3			$	0.6			$	0.1			$	1.0
Investment Companies - Software Solutions			0.3				—				—				0.3
Corporate			0.1				—				—				0.1
Total		$	0.7			$	0.6			$	0.1			$	1.4

15

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

For the nine months ended September 30, 2025 and 2024, the Company recorded the following restructuring, impairment and other charges, net by reportable segment:

		Employee Terminations				Other Charges				Total
Nine Months Ended September 30, 2025
Capital Markets - Software Solutions		$	0.7			$	0.1			$	0.8
Capital Markets - Compliance and Communications Management			2.0				0.1				2.1
Investment Companies - Software Solutions			0.9				—				0.9
Investment Companies - Compliance and Communications Management			0.5				—				0.5
Corporate			0.4				0.1				0.5
Total		$	4.5			$	0.3			$	4.8

		Employee Terminations				Impairment Charges				Other Charges				Total
Nine Months Ended September 30, 2024
Capital Markets - Software Solutions		$	0.3			$	—			$	—			$	0.3
Capital Markets - Compliance and Communications Management			1.6				0.6				0.2				2.4
Investment Companies - Software Solutions			0.4				—				—				0.4
Investment Companies - Compliance and Communications Management			0.1				—				—				0.1
Corporate			1.2				—				0.1				1.3
Total		$	3.6			$	0.6			$	0.3			$	4.5

For the three months ended September 30, 2025, the Company recorded net restructuring charges of $0.8 million related to employee termination costs for approximately 10 employees, substantially all of whom are expected to be terminated by December 31, 2025. For the nine months ended September 30, 2025, the Company recorded net restructuring charges of $4.5 million related to employee termination costs for approximately 60 employees, substantially all of whom are expected to be terminated by December 31, 2025. The restructuring actions were primarily related to the reorganization of certain capital markets and investment companies operations.

For the three months ended September 30, 2024, the Company recorded restructuring charges of $0.7 million related to employee termination costs for approximately 10 employees, substantially all of whom were terminated as of December 31, 2024. For the nine months ended September 30, 2024, the Company recorded restructuring charges of $3.6 million related to employee termination costs for approximately 40 employees, substantially all of whom were terminated as of December 31, 2024. The restructuring actions were primarily related to the reorganization of certain capital markets operations and certain changes in management structure. The three and nine months ended September 30, 2024 also included $0.6 million of impairment charges.

Restructuring Reserve – Employee Terminations

The Company’s employee terminations liability is included in accrued liabilities on the Company’s Unaudited Condensed Consolidated Balance Sheets. Changes in the accrual for employee terminations during the nine months ended September 30, 2025 were as follows:

		Employee Terminations
Balance at December 31, 2024		$	1.8
Restructuring charges, net			4.5
Cash paid			(4.8	)
Balance at September 30, 2025		$	1.5

16

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

Note 6. Retirement Plans

The components of net pension plan expense (income) for the three and nine months ended September 30, 2025 and 2024 are included in investment and other loss (income), net on the Unaudited Condensed Consolidated Statements of Operations and were as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Interest cost		$	2.6			$	2.8			$	7.7			$	8.3
Expected return on assets			(2.5	)			(3.4	)			(7.5	)			(10.1	)
Amortization, net			0.3				0.4				1.1				1.0
Net pension plan expense (income)			0.4				(0.2	)			1.3				(0.8	)
Pension plan settlement charge			82.8				—				82.8				—
Total pension plan expense (income)		$	83.2			$	(0.2	)		$	84.1			$	(0.8	)

Pension Plan Termination and Settlement

In August 2024, the Company executed an amendment to commence the process of terminating the Company’s primary defined benefit plan (the “Plan”). During the three months ended September 30, 2025, the Company settled the Plan obligations through a combination of lump sum payments to certain Plan participants and the purchase of a non-participating irrevocable group annuity contract (the “Plan Settlement”). In connection with the Plan Settlement, the Company made a $12.5 million cash contribution to fully fund the Plan.

As a result of the Plan Settlement, the Company remeasured the Plan’s assets and obligations and recognized a non-cash settlement charge of $82.8 million during the three and nine months ended September 30, 2025, due to the recognition of unrealized accumulated Plan losses previously reported within accumulated other comprehensive loss on the Unaudited Condensed Consolidated Balance Sheets. The Plan Settlement was recorded within Corporate.

Note 7. Commitments and Contingencies

Litigation

From time to time, the Company’s customers and other counterparties file voluntary petitions for reorganization under United States bankruptcy laws. In such cases, certain pre-petition payments received by the Company from these parties could be considered preference items and subject to return. In addition, the Company may be party to certain litigation or other dispute resolution proceedings arising in the ordinary course of business. Management believes that the final resolution of these preference items and litigation or other proceedings will not have a material effect on the Company’s consolidated results of operations, financial position or cash flows.

Note 8. Debt

The Company’s debt as of September 30, 2025 and December 31, 2024 consisted of the following:

		September 30, 2025				December 31, 2024
Term Loan A Facility		$	112.1			$	125.0
Borrowings under the Revolving Facility			43.0				—
Unamortized debt issuance costs			(0.4	)			(0.3	)
Total debt			154.7				124.7
Less: current portion of long-term debt			5.8				—
Long-term debt		$	148.9			$	124.7

17

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

Credit Agreement—On March 13, 2025, the Company amended and restated its credit agreement dated as of September 30, 2016 (as in effect prior to such amendment and restatement, the “Credit Agreement,” and the Credit Agreement, as so amended and restated, the “Amended and Restated Credit Agreement”), by and among the Company, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, to provide for a $115.0 million term loan A facility (the “Term Loan A Facility”), establish a $300.0 million revolving facility (the “Revolving Facility”) with a maturity date of March 13, 2030 to replace the entire amount of the revolving facility and modify the financial maintenance and negative covenants in the Amended and Restated Credit Agreement, among other things. The Amended and Restated Credit Agreement contains a number of covenants, including a minimum Interest Coverage Ratio and the Consolidated Net Leverage Ratio, as defined in and calculated pursuant to the Amended and Restated Credit Agreement, that, in part, restrict the Company’s ability to incur additional indebtedness, create liens, engage in mergers and consolidations, make restricted payments and dispose of certain assets. The Amended and Restated Credit Agreement generally allows annual dividend payments of up to $20.0 million in the aggregate.

Term Loan A Facility—The Company used the proceeds of the Term Loan A Facility and the Revolving Facility to retire the full $125.0 million of the Company’s then-outstanding Delayed Draw Term Loan A Facility. Under the Amended and Restated Credit Agreement, the Term Loan A Facility bears interest at a rate equal to the sum of the Secured Overnight Financing Rate (“SOFR”) plus a margin ranging from 2.00% to 2.50% based on the Company’s Consolidated Net Leverage Ratio. The principal amount of loans under the Term Loan A Facility are due and payable in equal quarterly installments of 1.25% of the original principal amount of the loans during the first three years after funding, beginning on June 30, 2025, and 2.50% of the original principal amount of the loans thereafter. Voluntary prepayments of the Term Loan A Facility are permitted at any time without premium or penalty. The entire unpaid principal amount of the loans will be due and payable in full on March 13, 2030. The fair value of the Term Loan A Facility and Delayed Draw Term Loan A Facility was $111.3 million and $125.0 million as of September 30, 2025 and December 31, 2024, respectively, and was determined to be Level 2 under the fair value hierarchy. The weighted-average interest rate on borrowings under the Term Loan A Facility and Delayed Draw Term Loan A Facility was 6.5% and 7.4% for the nine months ended September 30, 2025 and 2024, respectively.

Revolving Facility—As of September 30, 2025, there were $43.0 million of borrowings outstanding under the Revolving Facility and there were no borrowings outstanding under the Revolving Facility as of December 31, 2024. The weighted-average interest rate on borrowings under the Revolving Facility was 6.7% and 7.7% for the nine months ended September 30, 2025 and 2024, respectively. The fair value of the Company’s borrowing under the Revolving Facility is classified as Level 2 under the fair value hierarchy and approximated its carrying value as of September 30, 2025, as the Revolving Facility carries a variable rate of interest reflecting current market rates.

The following table summarizes interest expense, net included on the Unaudited Condensed Consolidated Statements of Operations:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Interest incurred		$	3.2			$	3.5			$	10.6			$	12.1
Interest income, net of loss on debt extinguishment			(0.3	)			(0.4	)			(0.8	)			(1.7	)
Interest expense, net		$	2.9			$	3.1			$	9.8			$	10.4

Note 9. (Loss) Earnings per Share

Net (loss) earnings per basic share is calculated by dividing net (loss) earnings by the weighted-average number of common shares outstanding for the period. Net earnings per diluted share is computed using the weighted-average number of common and potentially dilutive shares outstanding during the period, including stock options, restricted stock units (“RSUs”), performance share units (“PSUs”) and restricted stock, using the treasury stock method. Since the Company was in a net loss position for the three months ended September 30, 2025, approximately 1.0 million of potential weighted-average outstanding common shares were excluded from the calculation of diluted common shares outstanding as the effect would have been anti-dilutive.

18

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

The reconciliation of the numerator and denominator of the net (loss) earnings per basic and diluted share calculations for the three and nine months ended September 30, 2025 and 2024 were as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Net (loss) earnings per share:
Basic		$	(1.49	)		$	0.30			$	0.94			$	2.94
Diluted		$	(1.49	)		$	0.29			$	0.92			$	2.86
Numerator:
Net (loss) earnings		$	(40.9	)		$	8.7			$	26.2			$	86.1
Denominator:
Weighted-average number of common shares outstanding			27.4				29.1				27.9				29.3
Dilutive awards			—				0.8				0.6				0.8
Diluted weighted-average number of common shares outstanding			27.4				29.9				28.5				30.1

Note 10. Capital Stock

The Company has authorized for issuance 65 million shares of $0.01 par value common stock and one million shares of $0.01 par value preferred stock. The Board may divide the preferred stock into one or more series and fix the redemption, dividend, voting, conversion, sinking fund, liquidation and other rights. The Company has no present plans to issue any preferred stock.

Common Stock Repurchases

On November 14, 2023, the Board authorized the repurchase of up to $150 million of the Company’s outstanding common stock commencing on January 1, 2024, with an expiration date of December 31, 2025. On May 15, 2025, the Board authorized the repurchase of up to $150 million of the Company’s outstanding common stock commencing on May 16, 2025, with an expiration date of December 31, 2026. This new share repurchase program replaces the previous $150 million program. As of September 30, 2025, the remaining authorized amount was $114.5 million.

The stock repurchase program may be suspended or discontinued at any time. The timing and amount of any shares repurchased are determined by the Company based on its evaluation of market conditions and other factors and may be completed from time to time in one or more transactions on the open market or in privately negotiated purchases in accordance with all applicable securities laws and regulations and all repurchases in the open market will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so.

The Company’s stock repurchases, excluding associated excise taxes, for the three and nine months ended September 30, 2025 and 2024 were as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Common stock repurchases		$	35.5			$	13.3			$	111.6			$	41.3
Number of shares repurchased			659,367				208,254				2,307,820				665,535
Average price paid per share		$	53.79			$	63.96			$	48.35			$	62.10

19

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

Note 11. Comprehensive Income

The components of other comprehensive income (loss) and income tax expense (benefit) allocated to each component for the three and nine months ended September 30, 2025 and 2024 were as follows:

		Three Months Ended September 30, 2025												Nine Months Ended September 30, 2025
		Before Tax				Income Tax				Net of Tax				Before Tax				Income Tax				Net of Tax
Translation adjustments		$	(0.6	)		$	—			$	(0.6	)		$	1.1			$	—			$	1.1
Pension plan settlement charge			82.8				22.5				60.3				82.8				22.5				60.3
Adjustment for net periodic pension and other postretirement benefits plans			1.3				0.3				1.0				2.1				0.5				1.6
Other comprehensive income		$	83.5			$	22.8			$	60.7			$	86.0			$	23.0			$	63.0

		Three Months Ended September 30, 2024												Nine Months Ended September 30, 2024
		Before Tax				Income Tax				Net of Tax				Before Tax				Income Tax				Net of Tax
Translation adjustments		$	0.8			$	—			$	0.8			$	0.2			$	—			$	0.2
Adjustment for net periodic pension and other postretirement benefits plans			0.4				—				0.4				1.0				0.2				0.8
Other comprehensive income		$	1.2			$	—			$	1.2			$	1.2			$	0.2			$	1.0

The following tables summarize changes in accumulated other comprehensive loss by component for the three months ended September 30, 2025 and 2024:

		Pension and Other Postretirement Benefits Plans				Translation Adjustments				Total
Balance at June 30, 2025		$	(65.8	)		$	(13.8	)		$	(79.6	)
Other comprehensive loss before reclassifications			—				(0.6	)			(0.6	)
Reclassifications:
Pension plan settlement charge (a)			82.8				—				82.8
Pension plan remeasurement (a)			1.0				—				1.0
Amortization of net actuarial loss (b)			0.3				—				0.3
Less: Income tax			22.8				—				22.8
Reclassifications, net of tax			61.3				—				61.3
Net change in accumulated other comprehensive loss			61.3				(0.6	)			60.7
Balance at September 30, 2025		$	(4.5	)		$	(14.4	)		$	(18.9	)

		Pension and Other Postretirement Benefits Plans				Translation Adjustments				Total
Balance at June 30, 2024		$	(63.3	)		$	(14.8	)		$	(78.1	)
Other comprehensive income before reclassifications			—				0.8				0.8
Reclassifications:
Amortization of net actuarial loss (b)			0.4				—				0.4
Reclassifications, net of tax			0.4				—				0.4
Net change in accumulated other comprehensive loss			0.4				0.8				1.2
Balance at September 30, 2024		$	(62.9	)		$	(14.0	)		$	(76.9	)

(a)As a result of the Plan Settlement, the Company remeasured the Plan’s assets and obligations and recognized a non-cash settlement charge of $82.8 million during the three and nine months ended September 30, 2025, due to the recognition of unrealized accumulated Plan losses previously reported within accumulated other comprehensive loss on the Unaudited Condensed Consolidated Balance Sheets. The related tax effects associated with the Plan Settlement are included in income tax (benefit) expense on the Company’s Unaudited Condensed Consolidated Statements of Operations (see Note 6, Retirement Plans).

(b)These accumulated other comprehensive loss components are included in the calculation of net periodic pension and other postretirement benefits plans expense (income) recognized in investment and other loss (income), net on the Unaudited Condensed Consolidated Statements of Operations (see Note 6, Retirement Plans).

20

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

The following tables summarize changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2025 and 2024:

		Pension and Other Postretirement Benefits Plans				Translation Adjustments				Total
Balance at December 31, 2024		$	(66.4	)		$	(15.5	)		$	(81.9	)
Other comprehensive income before reclassifications			—				1.1				1.1
Reclassifications:
Pension plan settlement charge (a)			82.8				—				82.8
Pension plan remeasurement (a)			1.0				—				1.0
Amortization of net actuarial loss (b)			1.1				—				1.1
Less: Income tax			23.0				—				23.0
Reclassifications, net of tax			61.9				—				61.9
Net change in accumulated other comprehensive loss			61.9				1.1				63.0
Balance at September 30, 2025		$	(4.5	)		$	(14.4	)		$	(18.9	)

		Pension and Other Postretirement Benefits Plans				Translation Adjustments				Total
Balance at December 31, 2023		$	(63.7	)		$	(14.2	)		$	(77.9	)
Other comprehensive loss before reclassifications			—				(0.2	)			(0.2	)
Reclassifications:
Amortization of net actuarial loss (b)			1.0				—				1.0
Reclassification of translation adjustment			—				0.5				0.5
Less: Income tax			0.2				0.1				0.3
Reclassifications, net of tax			0.8				0.4				1.2
Net change in accumulated other comprehensive loss			0.8				0.2				1.0
Balance at September 30, 2024		$	(62.9	)		$	(14.0	)		$	(76.9	)

(a)As a result of the Plan Settlement, the Company remeasured the Plan’s assets and obligations and recognized a non-cash settlement charge of $82.8 million during the three and nine months ended September 30, 2025, due to the recognition of unrealized accumulated Plan losses previously reported within accumulated other comprehensive loss on the Unaudited Condensed Consolidated Balance Sheets. The related tax effects associated with the Plan Settlement are included in income tax (benefit) expense on the Company’s Unaudited Condensed Consolidated Statements of Operations (see Note 6, Retirement Plans).

(b)These accumulated other comprehensive loss components are included in the calculation of net periodic pension and other postretirement benefits plans expense (income) recognized in investment and other loss (income), net on the Unaudited Condensed Consolidated Statements of Operations (see Note 6, Retirement Plans).

21

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

Note 12. Segment Information

The Company operates its business through four operating and reportable segments: Capital Markets – Software Solutions, Capital Markets – Compliance and Communications Management, Investment Companies – Software Solutions and Investment Companies – Compliance and Communications Management. Corporate is not an operating segment and consists primarily of unallocated selling, general and administrative (“SG&A”) activities and associated expenses including, in part, executive, legal, finance and certain facility costs. In addition, certain costs, losses and earnings of employee benefits plans, such as pension and other postretirement benefits plans expense (income) as well as share-based compensation expense, are included in Corporate and not allocated to the operating segments.

Capital Markets

The Company provides software solutions, tech-enabled services and print and distribution solutions to public and private companies for deal solutions and compliance to companies that are, or are preparing to become, subject to the filing and reporting requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the Exchange Act. Capital markets clients leverage the Company’s software offerings, proprietary technology, deep industry expertise and experience to successfully navigate the SEC’s specified file formats when submitting compliance documents through the SEC’s EDGAR system for their transactional and ongoing compliance needs. The Company assists its capital markets clients throughout the course of initial public offerings, secondary offerings, mergers and acquisitions, public and private debt offerings, leveraged buyouts, spinouts, special purpose acquisition company (“SPAC”) and de-SPAC transactions and other similar transactions. In addition, the Company provides clients with compliance solutions to prepare their ongoing required Exchange Act filings that are compatible with the SEC’s EDGAR system, most notably Form 10-K, Form 10-Q, Form 8-K and proxy filings. The Company’s operating segments associated with its capital markets services and product offerings are as follows:

Capital Markets – Software Solutions—The CM-SS segment provides Venue and ActiveDisclosure subscriptions and related services (including service packages and services the Company performs on behalf of its clients with customer-facing software) to public and private companies to help manage public and private transactional and compliance processes; collaborate; and tag, validate and file SEC documents.

Capital Markets – Compliance & Communications Management—The CM-CCM segment provides tech-enabled services and print and distribution solutions to public and private companies for deal solutions and SEC compliance requirements. The Company offers around-the-clock services to support the transaction process, production platform and service delivery model. The Company has seen clients utilizing the range of options available to them, including a hybrid approach with working group members participating both virtually and in-person during drafting sessions for their transactions or a fully-virtual experience.

Investment Companies

The Company provides software solutions, tech-enabled services and print, distribution and fulfillment solutions to its investment companies clients, which are primarily mutual fund companies, alternative investment companies, insurance companies and third-party fund administrators, that are subject to the filing and reporting requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”) as well as European and Canadian regulations. The Company’s suite of solutions enables its investment companies clients to comply with applicable ongoing SEC regulations, as well as to create, manage and deliver accurate and timely financial communications to investors and regulators. Investment companies clients leverage the Company’s proprietary technology, deep industry expertise and experience to successfully navigate the SEC’s specified file formats when submitting compliance documents through the SEC’s EDGAR system. The Company’s operating segments associated with its investment companies services and products offerings are as follows:

Investment Companies – Software Solutions—The IC-SS segment provides clients with the Arc Suite platform that contains a comprehensive suite of cloud-based solutions, including subscriptions to ArcDigital, ArcPro, ArcRegulatory and ArcReporting as well as related services that enable storage and management of compliance and regulatory information in a self-service, central repository so that documents can be easily accessed, assembled, edited, tagged, translated, rendered and submitted to regulators and investors.

Investment Companies – Compliance & Communications Management—The IC-CCM segment provides clients with tech-enabled services and print and distribution solutions for creating, filing and distributing regulatory communications and solutions for investor communications, as well as iXBRL-formatted filings pursuant to the Investment Company Act, through the SEC’s EDGAR system. The IC-CCM segment also provides turnkey proxy services, including discovery, planning and implementation, print and mail management, solicitation, tabulation services, stockholder meeting review and expert support.

22

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

Information by Segment

The chief operating decision maker (“CODM”) regularly reviews segment net sales and Segment Adjusted EBITDA to assess segment performance and to decide how to allocate resources. Segment Adjusted EBITDA is reviewed to monitor budget versus actual results, analyze historical trends in assessing performance and identify actions required to improve profitability. Segment Adjusted EBITDA is defined as (loss) earnings before interest expense, net, income tax (benefit) expense, depreciation and amortization and adjusted to exclude the impact of certain costs, expenses, gains, losses and other items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections below, which management believes are not indicative of ongoing operations and segment performance. As the CODM does not review segment assets to evaluate segment performance, segment assets are not disclosed.

The following tables include selected financial data for the Company’s reportable segments for the three and nine months ended September 30, 2025 and 2024:

		Capital Markets - Software Solutions				Capital Markets - Compliance and Communications Management				Investment Companies - Software Solutions				Investment Companies - Compliance and Communications Management				Total
Three Months Ended September 30, 2025
Net sales		$	59.0			$	57.2			$	31.7			$	27.4			$	175.3
Less:
Cost of sales (a)			14.8				20.9				13.6				14.1
SG&A expenses (a)			23.7				16.6				6.5				3.7
Other segment items (a)			(0.1	)			0.1				—				0.1
Segment Adjusted EBITDA		$	20.6			$	19.6			$	11.6			$	9.5			$	61.3
Reconciliation of total Segment Adjusted EBITDA
Corporate (b)																			(11.8	)
Restructuring, impairment and other charges, net																			(0.9	)
Share-based compensation expense																			(6.8	)
Pension plan settlement charge																			(82.8	)
Accelerated rent benefit																			1.6
Depreciation and amortization																			(15.2	)
Interest expense, net																			(2.9	)
Investment and other loss, net																			(0.4	)
Loss before income taxes																		$	(57.9	)

Three Months Ended September 30, 2024
Net sales		$	53.3			$	63.5			$	28.9			$	33.8			$	179.5
Less:
Cost of sales (a)			14.6				23.3				13.0				17.7
SG&A expenses (a)			25.5				20.2				6.9				5.8
Other segment items (a)			—				(0.1	)			0.1				0.1
Segment Adjusted EBITDA		$	13.2			$	20.1			$	8.9			$	10.2			$	52.4
Reconciliation of total Segment Adjusted EBITDA
Corporate (b)																			(9.2	)
Restructuring, impairment and other charges, net																			(1.4	)
Share-based compensation expense																			(6.7	)
Non-income tax, net																			0.3
Depreciation and amortization																			(17.2	)
Interest expense, net																			(3.1	)
Investment and other income, net																			0.3
Earnings before income taxes																		$	15.4

(a)The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM.

(b)Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.

23

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

		Capital Markets - Software Solutions				Capital Markets - Compliance and Communications Management				Investment Companies - Software Solutions				Investment Companies - Compliance and Communications Management				Total
Nine Months Ended September 30, 2025
Net sales		$	170.0			$	234.6			$	97.5			$	92.4			$	594.5
Less:
Cost of sales (a)			42.7				88.3				39.7				46.1
SG&A expenses (a)			70.5				53.1				19.2				11.9
Other segment items (a)			(0.1	)			0.1				—				0.1
Segment Adjusted EBITDA		$	56.9			$	93.1			$	38.6			$	34.3			$	222.9
Reconciliation of total Segment Adjusted EBITDA
Corporate (b)																			(28.9	)
Restructuring, impairment and other charges, net																			(4.8	)
Share-based compensation expense																			(20.3	)
Pension plan settlement charge																			(82.8	)
Accelerated rent benefit																			1.6
Gain on sale of long-lived assets																			0.5
Non-income tax, net																			0.2
Gain on investments in equity securities																			0.1
Depreciation and amortization																			(44.4	)
Interest expense, net																			(9.8	)
Investment and other loss, net																			(1.3	)
Earnings before income taxes																		$	33.0

Nine Months Ended September 30, 2024
Net sales		$	163.6			$	268.4			$	84.5			$	109.1			$	625.6
Less:
Cost of sales (a)			43.1				98.8				37.1				57.0
SG&A expenses (a)			70.3				72.4				19.3				15.3
Other segment items (a)			—				(0.1	)			0.1				0.1
Segment Adjusted EBITDA		$	50.2			$	97.3			$	28.0			$	36.7			$	212.2
Reconciliation of total Segment Adjusted EBITDA
Corporate (b)																			(26.6	)
Restructuring, impairment and other charges, net																			(4.5	)
Share-based compensation expense																			(19.2	)
Gain on sale of long-lived assets																			9.8
Non-income tax, net																			1.0
Gain on investments in equity securities																			0.4
Depreciation and amortization																			(45.4	)
Interest expense, net																			(10.4	)
Investment and other income, net																			0.7
Earnings before income taxes																		$	118.0

(a)The significant expense categories align with the segment-level information that is regularly provided to the CODM. Segment Cost of sales, segment SG&A expenses and other segment items were adjusted to exclude certain items, as reflected in the Reconciliation of total Segment Adjusted EBITDA sections above, that are not included in the Segment Adjusted EBITDA profitability metric utilized by the CODM.

(b)Corporate is not an operating segment and consists primarily of unallocated SG&A expenses.

24

Donnelley Financial Solutions, Inc. and Subsidiaries (“DFIN”)

Notes to the Unaudited Condensed Consolidated Financial Statements (continued)

(in millions, except per share data, unless otherwise indicated)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Depreciation and amortization
Capital Markets - Software Solutions		$	7.8			$	7.1			$	22.5			$	20.3
Capital Markets - Compliance and Communications Management			1.6				4.3				4.7				8.4
Investment Companies - Software Solutions			4.8				4.5				14.3				13.1
Investment Companies - Compliance and Communications Management			1.0				1.2				2.9				3.5
Total operating segments			15.2				17.1				44.4				45.3
Corporate			—				0.1				—				0.1
Total		$	15.2			$	17.2			$	44.4			$	45.4
Capital expenditures
Capital Markets - Software Solutions		$	8.2			$	9.9			$	22.9			$	24.3
Capital Markets - Compliance and Communications Management			2.2				2.1				6.6				5.9
Investment Companies - Software Solutions			3.8				6.0				12.6				17.0
Investment Companies - Compliance and Communications Management			0.5				0.5				1.6				2.3
Total operating segments			14.7				18.5				43.7				49.5
Corporate			0.5				0.6				1.5				1.3
Total		$	15.2			$	19.1			$	45.2			$	50.8

25

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

As used in this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”), unless otherwise specified or the context otherwise requires, the “Company” or “DFIN” refer to Donnelley Financial Solutions, Inc. and its consolidated subsidiaries. MD&A should be read together with the Company’s Unaudited Condensed Consolidated Financial Statements and the related notes thereto, as well as the Company’s audited Consolidated Financial Statements and the related notes thereto within its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 18, 2025 (the “Annual Report”).

Company Overview

DFIN is a leading global provider of innovative software and technology-enabled financial regulatory and compliance solutions. The Company provides regulatory filing and deal solutions via its software, technology-enabled services and print and distribution solutions to public and private companies, mutual funds and other regulated investment firms, to serve its clients’ regulatory and compliance needs. DFIN helps its clients comply with applicable regulations where and how they want to work in a digital world, providing numerous solutions tailored to each client’s business needs. The prevailing trend is toward clients choosing to utilize the Company’s software solutions, in conjunction with its tech-enabled services, to meet their document and filing needs, while at the same time shifting away from physical print and distribution of documents, except for when it is still regulatorily required or requested by investors.

The Company serves its clients’ regulatory and compliance needs throughout their respective life cycles. For its capital markets clients, the Company offers solutions that allow companies to comply with U.S. Securities and Exchange Commission (“SEC”) regulations and support their corporate financial transactions and regulatory/financial reporting through the use of digital document creation and online content management tools; filing agent services, where applicable; solutions to facilitate clients’ communications with their investors; and virtual data rooms and other deal management solutions. For investment companies clients, the Company provides solutions that allow investment companies to comply with SEC regulations and support financial and regulatory reporting through the use of content management and technology-enabled solutions for creating, compiling and filing regulatory communications as well as digital-driven solutions for distributing content to investors.

Technological advancements, regulatory changes, and evolving workflow preferences have led to the Company’s clients managing more of the financial disclosure process themselves, changing the marketplace for the Company’s services and products. DFIN’s strategy in its Software Solutions segments (CM-SS and IC-SS, as defined below) aligns with the changing marketplace by focusing the Company’s investments and resources in its advanced software solutions, primarily ActiveDisclosure® (“ActiveDisclosure”), Arc Suite® software platform (“Arc Suite”) and Venue® Virtual Data Room (“Venue”), while making targeted investments to further enhance product features. In its Compliance & Communications Management segments (CM-CCM and IC-CCM, as defined below), the Company’s strategy focuses on maintaining its market-leading position by offering a high-touch, service-oriented experience, using its unique combination of tech-enabled services and print and distribution capabilities.

Market Volatility/Cyclicality and Seasonality

The Company’s Capital Markets segments (CM-SS and CM-CCM), in particular, are subject to market volatility, as the demand for the transactional and Venue offerings is largely dependent on the global market for initial public offerings (“IPOs”), secondary offerings, mergers and acquisitions (“M&A”), public and private debt offerings, leveraged buyouts, spinouts, special purpose acquisition company (“SPAC”) and de-SPAC transactions and other similar transactions. A variety of factors impact the global markets for transactions, including economic activity levels, interest rates, market volatility, the regulatory and political environment, tariffs and trade policy, geopolitical and civil unrest and global pandemics, among others. Due to the significant net sales and profitability derived from transactional and Venue offerings, market volatility can lead to uneven financial performance when comparing to previous periods. Recently, U.S. capital market transactions, especially IPOs and M&A transactions have been disrupted by the U.S. federal government shutdown that began on October 1, 2025. Future government shutdowns or other factors impacting the attractiveness of U.S. capital markets could result in additional volatility. The Company’s compliance offerings, supporting the quarterly and annual public company reporting processes through its filing services and ActiveDisclosure, as well as its Investment Companies segments (IC-SS and IC-CCM) regulatory and stockholder communications offerings, including Arc Suite, are less impacted by market volatility. The Company's overall risk profile is balanced by offering services in higher demand during a down market, such as document management tools for the bankruptcy/restructuring process and by moving upstream in the transactional process with products like Venue.

26

The quarterly/annual public company reporting cycle subjects the Company to filing seasonality which peaks shortly after the end of each fiscal quarter. Additionally, investment companies clients’ financial and regulatory reporting requirements include filings for mutual funds on a semi-annual basis as well as annual prospectus filings, which peaks during the second fiscal quarter. The seasonality and associated operational implications include the need to increase staff during peak periods through a combined strategy of hiring temporary personnel, increasing the premium time of existing staff and outsourcing production for a number of services. ActiveDisclosure and Arc Suite provide clients and their financial advisors software solutions which allow them to autonomously file and distribute compliance documents with regulatory agencies reducing the need for additional service support during peak periods. The Company remains focused on driving annual recurring revenue to mitigate the impact of market volatility on its financial results.

Services and Products

The Company separately reports its net sales and related cost of sales for its software solutions, tech-enabled services and print and distribution offerings. The Company’s software solutions consist of ActiveDisclosure, Arc Suite and Venue. The Company’s tech-enabled services offerings consist of document composition, compliance-related SEC Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”) filing services and transactional solutions. The Company’s print and distribution offerings primarily consist of conventional and digital printed products and related shipping.

Government Regulations and Regulatory Impact

The SEC is adopting new as well as amending existing rules and forms to enhance the security and modernize the reporting and disclosure of information under the Securities Act of 1933, as amended (the “Securities Act”), the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Investment Company Act of 1940, as amended (the “Investment Company Act”). As the scope and complexity of the regulatory environment continues to increase, regulators are also demanding a greater use of structured, machine-readable data in companies’ disclosures, more summary documents and layered website disclosures. These actions are driving significant changes which impact the Company and its customers. The Company actively monitors proposals, through comment periods, adoption, implementation and legal challenges, as applicable. Regulatory changes have enabled the Company to offer new value-added functionality and services and accelerate its transition from print and distribution to software solutions.

Segments

The Company’s four operating and reportable segments are: Capital Markets – Software Solutions (“CM-SS”), Capital Markets – Compliance and Communications Management (“CM-CCM”), Investment Companies – Software Solutions (“IC-SS”) and Investment Companies – Compliance and Communications Management (“IC-CCM”). Corporate is not an operating segment and consists primarily of unallocated selling, general and administrative (“SG&A”) activities and associated expenses including, in part, executive, legal, finance and certain facility costs. In addition, certain costs, losses and earnings of employee benefits plans, such as pension and other postretirement benefits plans expense (income) as well as share-based compensation expense, are included in Corporate and not allocated to the operating segments.

Capital Markets

The Company provides software solutions, tech-enabled services and print and distribution solutions to public and private companies for deal solutions and compliance to companies that are, or are preparing to become, subject to the filing and reporting requirements of the Securities Act and the Exchange Act. The Company’s operating segments associated with its capital markets services and products offerings are as follows:

Capital Markets – Software Solutions—The CM-SS segment provides Venue and ActiveDisclosure subscriptions and related services (including service packages and services the Company performs on behalf of its clients with customer-facing software) to public and private companies to help manage public and private transactional and compliance processes; collaborate; and tag, validate and file SEC documents.

Capital Markets – Compliance & Communications Management—The CM-CCM segment provides tech-enabled services and print and distribution solutions to public and private companies for deal solutions and SEC compliance requirements. The Company offers around-the-clock services to support the transaction process, production platform and service delivery model. The Company has seen clients utilizing the range of options available to them, including a hybrid approach with working group members participating both virtually and in-person during drafting sessions for their transactions or a fully-virtual experience.

27

Investment Companies

The Company provides software solutions, tech-enabled services and print, distribution and fulfillment solutions to its investment companies clients, which are primarily mutual fund companies, alternative investment companies, insurance companies and third-party fund administrators, that are subject to the filing and reporting requirements of the Investment Company Act, as well as European and Canadian regulations. The Company’s operating segments associated with its investment companies services and products offerings are as follows:

Investment Companies – Software Solutions—The IC-SS segment provides clients with the Arc Suite platform that contains a comprehensive suite of cloud-based solutions, including subscriptions to ArcDigital, ArcPro, ArcRegulatory and ArcReporting as well as related services that enable storage and management of compliance and regulatory information in a self-service, central repository so that documents can be easily accessed, assembled, edited, tagged, translated, rendered and submitted to regulators and investors.

Investment Companies – Compliance & Communications Management—The IC-CCM segment provides clients with tech-enabled services and print and distribution solutions for creating, filing and distributing regulatory communications and solutions for investor communications, as well as iXBRL-formatted filings pursuant to the Investment Company Act, through the SEC’s EDGAR system. The IC-CCM segment also provides turnkey proxy services, including discovery, planning and implementation, print and mail management, solicitation, tabulation services, stockholder meeting review and expert support.

Executive Overview

Third Quarter Overview

Net sales for the three months ended September 30, 2025 decreased by $4.2 million, or 2.3%, to $175.3 million from $179.5 million for the three months ended September 30, 2024, including a $0.5 million, or 0.3%, increase due to changes in foreign currency exchange rates. Net sales decreased due to lower tech-enabled services net sales of $6.6 million, primarily driven by lower capital markets transactional and compliance volumes, and lower print and distribution net sales of $6.1 million, primarily as a result of lower investment companies compliance volumes, partially offset by higher software solutions net sales of $8.5 million, primarily due to higher ActiveDisclosure net sales of $4.7 million and higher Arc Suite net sales of $2.8 million.

Income from operations for the three months ended September 30, 2025 increased by $10.0 million, or 54.9%, to $28.2 million from $18.2 million for the three months ended September 30, 2024, primarily due to lower SG&A expenses of $6.7 million, lower cost of sales of $3.4 million and lower depreciation and amortization expense of $2.0 million, partially offset by lower net sales of $4.2 million, as described above. The lower SG&A expense is largely driven by lower incentive compensation expense and cost control initiatives, partially offset by higher healthcare expense of $4.3 million, whereas the lower cost of sales of $3.4 million is largely driven by lower sales volumes.

Year-to-Date Overview

Net sales for the nine months ended September 30, 2025 decreased by $31.1 million, or 5.0%, to $594.5 million from $625.6 million for the nine months ended September 30, 2024, including a $0.2 million increase due to changes in foreign currency exchange rates. Net sales decreased due to lower tech-enabled services net sales of $30.0 million, primarily driven by lower capital markets transactional and compliance volumes, and lower print and distribution net sales of $20.5 million, primarily as a result of lower investment companies and capital markets compliance volumes, partially offset by higher software solutions net sales of $19.4 million, primarily due to higher Arc Suite net sales of $13.0 million and higher ActiveDisclosure net sales of $9.0 million.

Income from operations of $126.8 million for the nine months ended September 30, 2025 decreased by $0.5 million, or 0.4%, as compared to the nine months ended September 30, 2024, primarily due to lower net sales of $31.1 million, as described above, and a net gain of $9.8 million on the sale of land during the nine months ended September 30, 2024, partially offset by lower SG&A expenses of $19.8 million and lower cost of sales of $17.8 million. The lower SG&A expense is largely driven by cost control initiatives, lower bad debt expense of $6.7 million and lower incentive compensation expense, partially offset by higher healthcare expense of $4.4 million, whereas the lower cost of sales of $17.8 million is largely driven by lower sales volumes and cost control initiatives.

28

Pension Plan Termination and Settlement

In August 2024, the Company executed an amendment to commence the process of terminating the Company’s primary defined benefit plan (the “Plan”). During the three months ended September 30, 2025, the Company settled the Plan obligations through a combination of lump sum payments to certain Plan participants and the purchase of a non-participating irrevocable group annuity contract (the “Plan Settlement”). In connection with the Plan Settlement, the Company made a $12.5 million cash contribution to fully fund the Plan.

As a result of the Plan Settlement, the Company remeasured the Plan’s assets and obligations and recognized a non-cash settlement charge of $82.8 million during the three and nine months ended September 30, 2025, due to the recognition of unrealized accumulated Plan losses previously reported within accumulated other comprehensive loss on the Unaudited Condensed Consolidated Balance Sheets. The Plan Settlement was recorded within Corporate.

Financial Review

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the extensive use of management’s estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. The Company’s significant accounting policies and critical estimates are disclosed in the Annual Report.

The chief operating decision maker regularly reviews segment net sales and Segment Adjusted EBITDA to assess segment performance and to decide how to allocate resources. Segment Adjusted EBITDA is defined as (loss) earnings before interest expense, net, income tax (benefit) expense, depreciation and amortization and adjusted to exclude the impact of certain costs, expenses, gains, losses and other items, as further described in Note 12, Segment Information, which management believes are not indicative of ongoing operations and segment performance. Presentation of segment profitability for the three and nine months ended September 30, 2024 was revised to be comparable to the current period presentation. Corporate is not an operating segment and consists primarily of unallocated SG&A expenses. See Note 12, Segment Information, for a reconciliation of Segment Adjusted EBITDA to consolidated (loss) earnings before income taxes.

In the financial review that follows, the Company discusses its unaudited condensed consolidated results of operations, segment net sales, Segment Adjusted EBITDA, financial position, cash flows and certain other information. The Company’s cost of sales as a percentage of net sales, consolidated income from operations, Segment Adjusted EBITDA and Segment Adjusted EBITDA margin may be affected by sales mix (i.e., a higher proportion of sales of higher or lower margin services or products relative to total sales). Sales mix can vary period to period and is impacted by regulatory filing seasonality and global capital markets volatility. This discussion should be read in conjunction with the Company’s Unaudited Condensed Consolidated Financial Statements and the related notes thereto.

29

Results of Operations for the Three and Nine Months Ended September 30, 2025 as Compared to the Three and Nine Months Ended September 30, 2024

The following table shows the results of operations for the three and nine months ended September 30, 2025 and 2024:

		Three Months Ended September 30,																Nine Months Ended September 30,
		2025				2024				$ Change				% Change				2025				2024				$ Change				% Change
		(in millions, except percentages)
Net sales
Software solutions		$	90.7			$	82.2			$	8.5				10.3	%		$	267.5			$	248.1			$	19.4				7.8	%
Tech-enabled services			68.6				75.2				(6.6	)			(8.8	%)			230.3				260.3				(30.0	)			(11.5	%)
Print and distribution			16.0				22.1				(6.1	)			(27.6	%)			96.7				117.2				(20.5	)			(17.5	%)
Total net sales			175.3				179.5				(4.2	)			(2.3	%)			594.5				625.6				(31.1	)			(5.0	%)
Cost of sales (a)
Software solutions			28.4				27.6				0.8				2.9	%			82.4				80.3				2.1				2.6	%
Tech-enabled services			27.9				29.2				(1.3	)			(4.5	%)			86.8				93.7				(6.9	)			(7.4	%)
Print and distribution			9.0				11.9				(2.9	)			(24.4	%)			48.3				61.3				(13.0	)			(21.2	%)
Total cost of sales			65.3				68.7				(3.4	)			(4.9	%)			217.5				235.3				(17.8	)			(7.6	%)
Selling, general and administrative expenses (a)			67.3				74.0				(6.7	)			(9.1	%)			203.1				222.9				(19.8	)			(8.9	%)
Depreciation and amortization			15.2				17.2				(2.0	)			(11.6	%)			44.4				45.4				(1.0	)			(2.2	%)
Restructuring, impairment and other charges, net			0.9				1.4				(0.5	)			(35.7	%)			4.8				4.5				0.3				6.7	%
Other operating income, net			(1.6	)			—				(1.6	)		nm					(2.1	)			(9.8	)			7.7				(78.6	%)
Income from operations			28.2				18.2				10.0				54.9	%			126.8				127.3				(0.5	)			(0.4	%)
Interest expense, net			2.9				3.1				(0.2	)			(6.5	%)			9.8				10.4				(0.6	)			(5.8	%)
Pension plan settlement charge			82.8				—				82.8			nm					82.8				—				82.8			nm
Investment and other loss (income), net			0.4				(0.3	)			0.7			nm					1.2				(1.1	)			2.3			nm
(Loss) earnings before income taxes			(57.9	)			15.4				(73.3	)		nm					33.0				118.0				(85.0	)			(72.0	%)
Income tax (benefit) expense			(17.0	)			6.7				(23.7	)		nm					6.8				31.9				(25.1	)			(78.7	%)
Net (loss) earnings		$	(40.9	)		$	8.7			$	(49.6	)		nm				$	26.2			$	86.1			$	(59.9	)			(69.6	%)

(a)Exclusive of depreciation and amortization

nm – Not meaningful

Consolidated

Three Months Ended September 30, 2025 compared to the Three Months Ended September 30, 2024

Net sales of software solutions of $90.7 million for the three months ended September 30, 2025 increased $8.5 million, or 10.3%, as compared to the three months ended September 30, 2024. Net sales of software solutions increased primarily due to $4.7 million of higher ActiveDisclosure net sales and $2.8 million of higher Arc Suite net sales.

Net sales of tech-enabled services of $68.6 million for the three months ended September 30, 2025 decreased $6.6 million, or 8.8%, as compared to the three months ended September 30, 2024. Net sales of tech-enabled services decreased primarily due to lower capital markets net sales of $4.3 million, driven by a decline in both transactional and compliance volumes.

Net sales of print and distribution of $16.0 million for the three months ended September 30, 2025 decreased $6.1 million, or 27.6%, as compared to the three months ended September 30, 2024. Net sales of print and distribution decreased primarily due to lower investment companies net sales of $4.1 million, driven by a decline in compliance volumes.

Software solutions cost of sales of $28.4 million for the three months ended September 30, 2025 increased $0.8 million, or 2.9%, as compared to the three months ended September 30, 2024. Software solutions cost of sales increased primarily due to higher sales volumes. As a percentage of software solutions net sales, software solutions cost of sales decreased 2.3%, largely driven by higher sales volumes and Arc Suite price increases.

Tech-enabled services cost of sales of $27.9 million for the three months ended September 30, 2025 decreased $1.3 million, or 4.5%, as compared to the three months ended September 30, 2024. Tech-enabled services cost of sales decreased primarily due to lower sales volumes. As a percentage of tech-enabled services net sales, tech-enabled services cost of sales increased 1.9%, largely driven by lower compliance and transactional volumes.

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Print and distribution cost of sales of $9.0 million for the three months ended September 30, 2025 decreased $2.9 million, or 24.4%, as compared to the three months ended September 30, 2024. Print and distribution cost of sales decreased primarily due to lower sales volumes. As a percentage of print and distribution net sales, print and distribution cost of sales increased 2.5%, largely driven by lower compliance volumes.

SG&A expenses of $67.3 million for the three months ended September 30, 2025 decreased $6.7 million, or 9.1%, as compared to the three months ended September 30, 2024. SG&A expenses decreased primarily due to lower incentive compensation expense, cost control initiatives and lower overhead costs, partially offset by higher healthcare expense of $4.3 million. As a percentage of net sales, SG&A expenses decreased to 38.4% for the three months ended September 30, 2025 from 41.2% for the three months ended September 30, 2024.

Depreciation and amortization of $15.2 million for the three months ended September 30, 2025 decreased $2.0 million, or 11.6%, as compared to the three months ended September 30, 2024, primarily due to $2.8 million of accelerated amortization expense related to discontinued software recorded during the three months ended September 30, 2024, partially offset by higher software amortization expense, driven by additional software development.

Restructuring, impairment and other charges, net of $0.9 million for the three months ended September 30, 2025 decreased $0.5 million, or 35.7%, as compared to the three months ended September 30, 2024. For the three months ended September 30, 2025, these charges included $0.8 million of employee termination costs for approximately 10 employees. For the three months ended September 30, 2024, these charges included $0.7 million of employee termination costs for approximately 10 employees.

Income from operations of $28.2 million for the three months ended September 30, 2025 increased $10.0 million, or 54.9%, as compared to the three months ended September 30, 2024. Income from operations increased primarily due to lower SG&A expenses of $6.7 million, lower cost of sales of $3.4 million and lower depreciation and amortization expense of $2.0 million, partially offset by lower net sales of $4.2 million, as described above. The lower SG&A expense is largely driven by lower incentive compensation expense and cost control initiatives, partially offset by higher healthcare expense of $4.3 million, whereas the lower cost of sales of $3.4 million is largely driven by lower sales volumes.

Interest expense, net of $2.9 million for the three months ended September 30, 2025 decreased $0.2 million, or 6.5%, as compared to the three months ended September 30, 2024.

Pension plan settlement charge of $82.8 million for the three months ended September 30, 2025 consisted of a non-cash loss on the settlement of the Company’s Plan due to the recognition of unrealized accumulated Plan losses previously reported within accumulated other comprehensive loss.

The effective income tax rate was 29.4% for the three months ended September 30, 2025 as compared to 43.5% for the three months ended September 30, 2024. The decrease in the effective income tax rate was primarily driven by an increase in the net favorable impact of discrete adjustments and the Company’s pre-tax loss for the three months ended September 30, 2025.

Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024

Net sales of software solutions of $267.5 million for the nine months ended September 30, 2025 increased $19.4 million, or 7.8%, as compared to the nine months ended September 30, 2024. Net sales of software solutions increased due to $9.0 million of higher ActiveDisclosure net sales, $7.2 million increases in non-TSR related Arc Suite net sales and $5.8 million of higher net sales from the Company’s Tailored Shareholder Reporting (“TSR”) offering, partially offset by lower Venue net sales of $2.6 million.

Net sales of tech-enabled services of $230.3 million for the nine months ended September 30, 2025 decreased $30.0 million, or 11.5%, as compared to the nine months ended September 30, 2024. Net sales of tech-enabled services decreased primarily due to lower capital markets net sales of $26.2 million, driven by a decline in both transactional and compliance volumes.

Net sales of print and distribution of $96.7 million for the nine months ended September 30, 2025 decreased $20.5 million, or 17.5%, as compared to the nine months ended September 30, 2024. Net sales of print and distribution decreased due to lower investment companies net sales of $12.9 million and lower capital markets net sales of $7.6 million, both driven by a decline in compliance volumes.

Software solutions cost of sales of $82.4 million for the nine months ended September 30, 2025 increased $2.1 million, or 2.6%, as compared to the nine months ended September 30, 2024 primarily due to higher product development costs. As a percentage of software solutions net sales, software solutions cost of sales decreased 1.6%, primarily driven by Arc Suite price increases.

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Tech-enabled services cost of sales of $86.8 million for the nine months ended September 30, 2025 decreased $6.9 million, or 7.4%, as compared to the nine months ended September 30, 2024. Tech-enabled services cost of sales decreased due to lower sales volumes, a lower allocation of overhead costs and cost control initiatives. As a percentage of tech-enabled services net sales, tech-enabled services cost of sales increased 1.7%, largely driven by lower compliance and transactional volumes.

Print and distribution cost of sales of $48.3 million for the nine months ended September 30, 2025 decreased $13.0 million, or 21.2%, as compared to the nine months ended September 30, 2024. Print and distribution cost of sales decreased due to lower sales volumes, a lower allocation of overhead costs and cost control initiatives. As a percentage of print and distribution net sales, print and distribution cost of sales decreased 2.4%, largely driven by a lower allocation of overhead costs and cost control initiatives.

SG&A expenses of $203.1 million for the nine months ended September 30, 2025 decreased $19.8 million, or 8.9%, as compared to the nine months ended September 30, 2024. SG&A expenses decreased primarily due to cost control initiatives, lower bad debt expense of $6.7 million and lower incentive compensation expense, partially offset by higher healthcare expense of $4.4 million. As a percentage of net sales, SG&A expenses decreased to 34.2% for the nine months ended September 30, 2025 from 35.6% for the nine months ended September 30, 2024.

Depreciation and amortization of $44.4 million for the nine months ended September 30, 2025 decreased $1.0 million, or 2.2%, as compared to the nine months ended September 30, 2024, primarily due to $2.8 million of accelerated amortization expense related to discontinued software recorded during the nine months ended September 30, 2024, partially offset by higher software amortization expense, driven by additional software development.

Restructuring, impairment and other charges, net of $4.8 million for the nine months ended September 30, 2025 increased $0.3 million, or 6.7%, as compared to the nine months ended September 30, 2024. For the nine months ended September 30, 2025, these charges included $4.5 million of employee termination costs for approximately 60 employees. For the nine months ended September 30, 2024, these charges included $3.6 million of employee termination costs for approximately 40 employees.

Other operating income, net of $9.8 million for the nine months ended September 30, 2024 included a net gain of $9.8 million on the sale of land.

Income from operations of $126.8 million for the nine months ended September 30, 2025 decreased by $0.5 million, or 0.4%, as compared to the nine months ended September 30, 2024 primarily due to lower net sales of $31.1 million, as described above, and a net gain of $9.8 million on the sale of land during the nine months ended September 30, 2024, partially offset by lower SG&A expenses of $19.8 million and lower cost of sales of $17.8 million. The lower SG&A expense is largely driven by cost control initiatives, lower bad debt expense of $6.7 million and lower incentive compensation expense, partially offset by higher healthcare expense of $4.4 million, whereas the lower cost of sales of $17.8 million is largely driven by lower sales volumes and cost control initiatives.

Interest expense, net of $9.8 million for the nine months ended September 30, 2025 decreased $0.6 million, or 5.8%, as compared to the nine months ended September 30, 2024. Interest expense, net decreased primarily due to a 0.9% decrease in the weighted-average interest rate on borrowing from each of the Term Loan A Facility and the Revolving Facility, as further described in Note 8, Debt, to the Unaudited Condensed Consolidated Financial Statements.

Pension plan settlement charge of $82.8 million for the nine months ended September 30, 2025 consisted of a non-cash loss on the settlement of the Company’s Plan due to the recognition of unrealized accumulated Plan losses previously reported within accumulated other comprehensive loss.

The effective income tax rate was 20.6% for the nine months ended September 30, 2025, as compared to 27.0% for the nine months ended September 30, 2024. The decrease in the effective income tax rate was primarily driven by an increase in the net favorable impact of discrete adjustments and lower pre-tax earnings.

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Information by Segment

The following tables summarize net sales, Segment Adjusted EBITDA and Segment Adjusted EBITDA margin within each of the operating segments for the three and nine months ended September 30, 2025 and 2024:

Capital Markets – Software Solutions

		Three Months Ended September 30,																Nine Months Ended September 30,
		2025				2024				$ Change				% Change				2025				2024				$ Change				% Change
		(in millions, except percentages)
Net sales		$	59.0			$	53.3			$	5.7				10.7	%		$	170.0			$	163.6			$	6.4				3.9	%
Segment Adjusted EBITDA			20.6				13.2				7.4				56.1	%			56.9				50.2				6.7				13.3	%
Segment Adjusted EBITDA margin			34.9	%			24.8	%											33.5	%			30.7	%

Three Months Ended September 30, 2025 compared to the Three Months Ended September 30, 2024

Net sales of $59.0 million for the three months ended September 30, 2025 increased $5.7 million, or 10.7%, as compared to the three months ended September 30, 2024, due to higher ActiveDisclosure net sales of $4.7 million, primarily due to increased volumes, and higher Venue net sales of $1.0 million.

Segment Adjusted EBITDA of $20.6 million for the three months ended September 30, 2025 increased $7.4 million, or 56.1%, as compared to the three months ended September 30, 2024, primarily due to higher net sales of $5.7 million and lower SG&A expenses of $1.8 million, largely driven by cost control initiatives.

Segment Adjusted EBITDA margin increased by approximately 1,010 basis points (“bps”) from 24.8% for the three months ended September 30, 2024 to 34.9% for the three months ended September 30, 2025, primarily due to an approximately 760 bps decrease in SG&A expenses as a percentage of net sales, largely driven by higher net sales and cost control initiatives, and an approximately 230 bps decrease in cost of sales as a percentage of net sales, largely driven by higher net sales.

Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024

Net sales of $170.0 million for the nine months ended September 30, 2025 increased $6.4 million, or 3.9%, as compared to the nine months ended September 30, 2024, due to higher ActiveDisclosure net sales of $9.0 million, primarily due to increased volumes, partially offset by lower Venue net sales of $2.6 million.

Segment Adjusted EBITDA of $56.9 million for the nine months ended September 30, 2025 increased $6.7 million, or 13.3%, as compared to the nine months ended September 30, 2024, primarily due to higher net sales of $6.4 million.

Segment Adjusted EBITDA margin increased by approximately 280 bps from 30.7% for the nine months ended September 30, 2024 to 33.5% for the nine months ended September 30, 2025, primarily due to an approximately 150 bps and 120 bps decreases in SG&A expenses and cost of sales, respectively, as a percentage of net sales, largely driven by higher net sales.

Capital Markets – Compliance and Communications Management

		Three Months Ended September 30,																Nine Months Ended September 30,
		2025				2024				$ Change				% Change				2025				2024				$ Change				% Change
		(in millions, except percentages)
Net sales		$	57.2			$	63.5			$	(6.3	)			(9.9	%)		$	234.6			$	268.4			$	(33.8	)			(12.6	%)
Segment Adjusted EBITDA			19.6				20.1				(0.5	)			(2.5	%)			93.1				97.3				(4.2	)			(4.3	%)
Segment Adjusted EBITDA margin			34.3	%			31.7	%											39.7	%			36.3	%

Three Months Ended September 30, 2025 compared to the Three Months Ended September 30, 2024

Net sales of $57.2 million for the three months ended September 30, 2025 decreased $6.3 million, or 9.9%, as compared to the three months ended September 30, 2024, primarily due to lower tech-enabled services net sales of $4.3 million, driven by a decline in both transactional and compliance volumes.

33

Segment Adjusted EBITDA of $19.6 million for the three months ended September 30, 2025 decreased $0.5 million, or 2.5%, as compared to the three months ended September 30, 2024, primarily due to lower net sales of $6.3 million, partially offset by lower SG&A expenses of $3.6 million and lower cost of sales of $2.4 million. The decrease in SG&A expenses was primarily attributable to cost control initiatives and a lower allocation of overhead costs, whereas the lower cost of sales of $2.4 million was primarily due to lower sales volumes and cost control initiatives.

Segment Adjusted EBITDA margin increased by approximately 260 bps from 31.7% for the three months ended September 30, 2024 to 34.3% for the three months ended September 30, 2025, primarily due to an approximately 280 bps decrease in SG&A expenses as percentage of net sales, largely driven by cost control initiatives and a lower allocation of overhead costs.

Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024

Net sales of $234.6 million for the nine months ended September 30, 2025 decreased $33.8 million, or 12.6%, as compared to the nine months ended September 30, 2024, primarily due to lower tech-enabled services net sales of $26.2 million, driven by a decline in both transactional and compliance volumes, and lower print and distribution net sales of $7.6 million, driven by a decline in compliance volumes.

Segment Adjusted EBITDA of $93.1 million for the nine months ended September 30, 2025 decreased $4.2 million, or 4.3%, as compared to the nine months ended September 30, 2024, primarily due to the $33.8 million decline in net sales, partially offset by lower SG&A expenses of $19.3 million and lower cost of sales of $10.5 million. The decrease in SG&A expenses was primarily attributable to lower bad debt expense of $6.9 million, lower selling expense and a lower allocation of overhead costs, whereas the lower cost of sales of $10.5 million was primarily due to lower sales volumes, a lower allocation of overhead costs and cost control initiatives.

Segment Adjusted EBITDA margin increased by approximately 340 bps from 36.3% for the nine months ended September 30, 2024 to 39.7% for the nine months ended September 30, 2025, primarily due to an approximately 440 bps decrease in SG&A expenses as a percentage of net sales, largely driven by lower bad debt expense, lower selling expense and a lower allocation of overhead costs.

Investment Companies – Software Solutions

		Three Months Ended September 30,																Nine Months Ended September 30,
		2025				2024				$ Change				% Change				2025				2024				$ Change				% Change
		(in millions, except percentages)
Net sales		$	31.7			$	28.9			$	2.8				9.7	%		$	97.5			$	84.5			$	13.0				15.4	%
Segment Adjusted EBITDA			11.6				8.9				2.7				30.3	%			38.6				28.0				10.6				37.9	%
Segment Adjusted EBITDA margin			36.6	%			30.8	%											39.6	%			33.1	%

Three Months Ended September 30, 2025 compared to the Three Months Ended September 30, 2024

Net sales of $31.7 million for the three months ended September 30, 2025 increased $2.8 million, or 9.7%, as compared to the three months ended September 30, 2024, primarily due to higher ArcReporting net sales of $2.1 million, primarily due to price increases.

Segment Adjusted EBITDA of $11.6 million for the three months ended September 30, 2025 increased $2.7 million, or 30.3%, as compared to the three months ended September 30, 2024, primarily due to higher net sales of $2.8 million.

Segment Adjusted EBITDA margin increased by approximately 580 bps from 30.8% for the three months ended September 30, 2024 to 36.6% for the three months ended September 30, 2025, primarily due to an approximately 340 bps and 210 bps decreases in SG&A expenses and cost of sales, respectively, as a percentage of net sales, largely driven by price increases.

Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024

Net sales of $97.5 million for the nine months ended September 30, 2025 increased $13.0 million, or 15.4%, as compared to the nine months ended September 30, 2024. Net sales increased primarily due to higher non-TSR related ArcReporting net sales of $5.9 million and $5.8 million from the Company’s TSR offering, largely within ArcReporting and ArcDigital.

Segment Adjusted EBITDA of $38.6 million for the nine months ended September 30, 2025 increased $10.6 million, or 37.9%, as compared to the nine months ended September 30, 2024, primarily due to higher net sales of $13.0 million, partially offset by higher cost of sales of $2.6 million, primarily driven by higher product development costs and higher sales volumes.

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Segment Adjusted EBITDA margin increased by approximately 650 bps from 33.1% for the nine months ended September 30, 2024 to 39.6% for the nine months ended September 30, 2025, primarily due to an approximately 320 bps and 310 bps decreases in cost of sales and SG&A expenses, respectively, as a percentage of net sales, largely driven by price increases.

Investment Companies – Compliance and Communications Management

		Three Months Ended September 30,																Nine Months Ended September 30,
		2025				2024				$ Change				% Change				2025				2024				$ Change				% Change
		(in millions, except percentages)
Net sales		$	27.4			$	33.8			$	(6.4	)			(18.9	%)		$	92.4			$	109.1			$	(16.7	)			(15.3	%)
Segment Adjusted EBITDA			9.5				10.2				(0.7	)			(6.9	%)			34.3				36.7				(2.4	)			(6.5	%)
Segment Adjusted EBITDA margin			34.7	%			30.2	%											37.1	%			33.6	%

Three Months Ended September 30, 2025 compared to the Three Months Ended September 30, 2024

Net sales of $27.4 million for the three months ended September 30, 2025 decreased $6.4 million, or 18.9%, as compared to the three months ended September 30, 2024, primarily due to lower print and distribution net sales of $4.1 million, largely driven by a decline in compliance volumes.

Segment Adjusted EBITDA of $9.5 million for the three months ended September 30, 2025 decreased $0.7 million, or 6.9%, as compared to the three months ended September 30, 2024, primarily due to lower net sales of $6.4 million, partially offset by lower cost of sales of $3.6 million and lower SG&A expenses of $2.1 million. The decrease in cost of sales was primarily attributable to lower sales volumes and a lower allocation of overhead costs, whereas the lower SG&A expenses of $2.1 million was primarily due to lower selling expense.

Segment Adjusted EBITDA margin increased by approximately 450 bps from 30.2% for the three months ended September 30, 2024 to 34.7% for the three months ended September 30, 2025, primarily due to an approximately 370 bps decrease in SG&A expense as a percentage of net sales, largely driven by lower selling expense.

Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024

Net sales of $92.4 million for the nine months ended September 30, 2025 decreased $16.7 million, or 15.3%, as compared to the nine months ended September 30, 2024, primarily due to lower print and distribution volumes of $12.9 million, largely driven by a decline in compliance volumes.

Segment Adjusted EBITDA of $34.3 million for the nine months ended September 30, 2025 decreased $2.4 million, or 6.5%, as compared to the nine months ended September 30, 2024, primarily due to lower net sales of $16.7 million, partially offset by lower cost of sales of $10.9 million, primarily attributable to lower sales volumes and a lower allocation of overhead costs.

Segment Adjusted EBITDA margin increased by approximately 350 bps from 33.6% for the nine months ended September 30, 2024 to 37.1% for the nine months ended September 30, 2025, primarily due to an approximately 230 bps decrease in cost of sales as a percentage of net sales, largely driven by a lower allocation of overhead costs.

Corporate

The following table summarizes unallocated expenses within Corporate:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
		(in millions)
Unallocated expenses		$	11.8			$	9.2			$	28.9			$	26.6

Three Months Ended September 30, 2025 compared to the Three Months Ended September 30, 2024

Corporate unallocated expenses of $11.8 million for the three months ended September 30, 2025 increased $2.6 million, or 28.3%, as compared to the three months ended September 30, 2024, primarily due to higher healthcare expense of $4.1 million, partially offset by lower incentive compensation expense.

35

Nine Months Ended September 30, 2025 compared to the Nine Months Ended September 30, 2024

Corporate unallocated expenses of $28.9 million for the nine months ended September 30, 2025 increased $2.3 million, or 8.6%, as compared to the nine months ended September 30, 2024, primarily due to higher healthcare expense of $4.1 million and higher consulting expense, partially offset by lower incentive compensation expense.

Non-GAAP Measures

The Company believes that certain non-GAAP measures, such as non-GAAP consolidated adjusted EBITDA (“Adjusted EBITDA”), provide useful information about the Company’s operating results and enhance the overall ability to assess the Company’s financial performance. The Company uses these measures, together with other measures of performance prepared in accordance with GAAP, to compare the relative performance of operations in planning, budgeting and reviewing the performance of its business. Adjusted EBITDA allows investors to make a more meaningful comparison between the Company’s core business operating results over different periods of time. The Company believes that Adjusted EBITDA, when viewed with the Company’s results under GAAP and the accompanying reconciliations, provides useful information about the Company’s business without regard to potential distortions. By eliminating potential differences in results of operations between periods caused by factors such as historic cost and age of assets, restructuring, impairment and other charges, net, non-income tax, net, gain on investments in equity securities as well as other items, as described below, the Company believes that Adjusted EBITDA can provide a useful additional basis for comparing the current performance of the underlying operations being evaluated.

Adjusted EBITDA is not presented in accordance with GAAP and has important limitations as an analytical tool. These measures should not be considered as a substitute for analysis of the Company’s results as reported under GAAP. In addition, these measures are defined differently by different companies and, accordingly, such measures may not be comparable to similarly-titled measures of other companies. In addition to the factors listed above, share-based compensation expense is excluded from Adjusted EBITDA. Although share-based compensation is a key incentive offered to certain Company employees, business performance is evaluated excluding share-based compensation expense. Depending upon the size, timing and the terms of grants, share-based compensation expense may vary but will recur in future periods.

The following table reconciles net (loss) earnings to Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
		(in millions)
Net (loss) earnings		$	(40.9	)		$	8.7			$	26.2			$	86.1
Restructuring, impairment and other charges, net			0.9				1.4				4.8				4.5
Share-based compensation expense			6.8				6.7				20.3				19.2
Pension plan settlement charge			82.8				—				82.8				—
Accelerated rent benefit			(1.6	)			—				(1.6	)			—
Gain on sales of long-lived assets			—				—				(0.5	)			(9.8	)
Non-income tax, net			—				(0.3	)			(0.2	)			(1.0	)
Gain on investments in equity securities			—				—				(0.1	)			(0.4	)
Depreciation and amortization			15.2				17.2				44.4				45.4
Interest expense, net			2.9				3.1				9.8				10.4
Investment and other loss (income), net			0.4				(0.3	)			1.3				(0.7	)
Income tax (benefit) expense			(17.0	)			6.7				6.8				31.9
Adjusted EBITDA		$	49.5			$	43.2			$	194.0			$	185.6

Restructuring, impairment and other charges, net—Included employee termination costs of $0.8 million and $4.5 million for the three and nine months ended September 30, 2025, respectively, and $0.7 million and $3.6 million for the three and nine months ended September 30, 2024, respectively. Refer to Note 5, Restructuring, Impairment and Other Charges, net, to the Unaudited Condensed Consolidated Financial Statements for additional information.

Share-based compensation expense—Included charges of $6.8 million and $20.3 million for the three and nine months ended September 30, 2025, respectively, and $6.7 million and $19.2 million for the three and nine months ended September 30, 2024, respectively.

Pension plan settlement charge—Consisted of an $82.8 million non-cash loss on the settlement of the Company’s Plan due to the recognition of unrealized accumulated Plan losses previously reported within accumulated other comprehensive loss. Refer to Note 6, Retirement Plans, to the Unaudited Condensed Consolidated Financial Statements for additional information.

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Accelerated rent benefit—Included a gain of $1.6 million for the three and nine months ended September 30, 2025 related to the acceleration of rent expense associated with termination and modification of certain operating leases.

Gain on sales of long-lived assets—The nine months ended September 30, 2025 included a gain of $0.5 million on the sale of long-lived assets. The nine months ended September 30, 2024 included a net gain of $9.8 million related to the sale of land. Refer to Note 1, Overview, Basis of Presentation and Significant Accounting Policies, to the Unaudited Condensed Consolidated Financial Statements for additional information.

Non-income tax, net—Included income of $0.2 million for the nine months ended September 30, 2025, and income of $0.3 million and $1.0 million for the three and nine months ended September 30, 2024, respectively, related to certain estimated non-income tax exposures previously accrued by the Company.

Gain on investments in equity securities—Included a gain of $0.1 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively.

Liquidity and Capital Resources

The Company believes it has sufficient liquidity to support its ongoing operations and to invest in future growth to create value for its investors. Cash and cash equivalents on hand, operating cash flows and the Company’s Revolving Facility are the primary sources of liquidity and are expected to be used for, among other things, payment of interest and principal on the Company’s debt obligations, capital expenditures necessary to support productivity improvement and growth, share repurchases and continuous operational improvements.

The Company maintains cash pooling structures that enable participating international locations to draw on the pools’ cash resources to meet local liquidity needs. Foreign cash balances may be loaned from certain cash pools to U.S. operating entities on a temporary basis in order to reduce the Company’s short-term borrowing costs or for other purposes. The Company has the ability to repatriate foreign cash, associated with foreign earnings previously subjected to U.S. tax, with minimal additional tax consequences. The Company maintains its assertion of indefinite reinvestment on all foreign earnings and other outside basis differences to indicate that the Company remains indefinitely reinvested in operations outside of the U.S., with the exception of the previously taxed foreign earnings already subject to U.S. tax. The Company did not repatriate excess cash at its foreign subsidiaries to the U.S. during the nine months ended September 30, 2025. The Company repatriated $30.0 million of excess cash of previously taxed earnings at its foreign subsidiaries to the U.S. during the year ended December 31, 2024. The Company is evaluating whether to make any cash repatriations in the future.

On July 4, 2025, an act to provide for reconciliation pursuant to title II of H. Con. Res. 14, commonly referred to as the “One Big Beautiful Bill Act” (the “Act”) was signed into law. The Act changes the timing of certain tax deductions, including depreciation expense, research and development expenditures and interest expense. Aspects of the Act became effective for the Company in the third quarter of 2025, with certain additional impacts coming into effect in 2026 and beyond. The Company will continue evaluating the impact of the Act and expects that it will impact the timing of the Company’s future tax payments, but does not expect the enacted legislation to have a material impact on its income tax expense in future periods.

The Organization for Economic Co-operation and Development’s (“OECD”) current project, widely known as Anti-Base Erosion and Profit Shifting, seeks to address tax challenges arising in the global economy by introducing a global minimum corporate tax of 15%, referred to as Pillar Two, and several mechanisms to ensure tax is paid (the “GloBE Model Rules”). Policymakers across jurisdictions have begun adopting the GloBE Model Rules to implement a global minimum corporate tax rate of 15%. The OECD continues to release administrative guidance and many countries in which the Company operates have adopted or have proposed legislation to adopt Pillar Two. Many aspects of the minimum tax directive became effective beginning in 2024, with certain additional impacts coming into effect beginning in 2025 and beyond. The Company is monitoring enacted legislation and effective dates in its jurisdictions of operations. The Pillar Two framework did not have a material impact on the Company’s Unaudited Condensed Consolidated Financial Statements for the three and nine months ended September 30, 2025 and the Company does not expect the enacted legislation to have a material impact in future periods.

Cash and cash equivalents were $22.7 million at September 30, 2025, which included $4.6 million in the U.S. and $18.1 million at international locations.

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The following table describes the Company’s cash flows for the nine months ended September 30, 2025 and 2024:

		Nine Months Ended September 30,
		2025				2024
		(in millions)
Net cash provided by operating activities		$	105.1			$	114.7
Net cash used in investing activities			(45.1	)			(38.2	)
Net cash used in financing activities			(95.7	)			(65.9	)
Effect of exchange rate on cash and cash equivalents			1.1				(0.1	)
Net (decrease) increase in cash and cash equivalents		$	(34.6	)		$	10.5

Cash Flows Provided by Operating Activities

Operating cash inflows and outflows are largely attributable to sales of the Company’s services and products as well as recurring expenditures for labor, rent and other operating activities.

Net cash provided by operating activities was $105.1 million for the nine months ended September 30, 2025 as compared to $114.7 million for the nine months ended September 30, 2024. The unfavorable change in net cash provided by operating activities of $9.6 million was primarily due to a decrease in net earnings of $59.9 million, driven largely by the $82.8 million non-cash pension plan settlement charge, as well as the following factors:

		Nine Months Ended September 30,
		2025				2024				$ Change
		(in millions)
Net earnings		$	26.2			$	86.1			$	(59.9	)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Pension plan settlement charge			82.8				—				82.8
Pension and other postretirement benefits plans contributions			(13.8	)			(1.4	)			(12.4	)
Other adjustments, net			61.3				70.9				(9.6	)
Changes in operating assets and liabilities:
Accrued liabilities and other			(19.5	)			5.5				(25.0	)
Receivables, net			(29.6	)			(40.2	)			10.6
Other changes, net			(2.3	)			(6.2	)			3.9
Net cash provided by operating activities		$	105.1			$	114.7			$	(9.6	)

•Pension and other postretirement benefits plans contributions decreased operating cash flows by $12.4 million more during the nine months ended September 30, 2025, primarily due to the Company’s $12.5 million cash contribution to fully fund the Plan in connection with the Plan Settlement.

•Accrued liabilities and other decreased operating cash flows by $25.0 million more during the nine months ended September 30, 2025, primarily due to higher 2025 payments of employee-related compensation, including incentive compensation and sales commissions, as a result of the Company’s 2024 operating results and lower current year accruals.

•Receivables, net increased operating cash flows by $10.6 million more during the nine months ended September 30, 2025, primarily due to the timing of collections.

Cash Flows Used in Investing Activities

Net cash used in investing activities was $45.1 million for the nine months ended September 30, 2025, which primarily consisted of $45.2 million of capital expenditures, substantially all related to investments in software development. The Company currently expects capital expenditures to be approximately $60 million to $65 million for the year ending December 31, 2025.

Net cash used in investing activities was $38.2 million for the nine months ended September 30, 2024, which primarily consisted of $50.8 million of capital expenditures, substantially all related to investments in software development, partially offset by $12.4 million of proceeds from the sale of land.

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Cash Flows Used in Financing Activities

Net cash used in financing activities was $95.7 million for the nine months ended September 30, 2025. During the nine months ended September 30, 2025, the Company received $236.5 million of proceeds from the Revolving Facility borrowings, partially offset by $193.5 million of payments on the Revolving Facility borrowings. During the nine months ended September 30, 2025, the Company made $127.9 million of payments on long-term debt, primarily to retire the full amount of the Company’s outstanding $125.0 million Delayed Draw Term Loan A Facility during the first quarter of 2025. The Company’s common stock repurchases for the nine months ended September 30, 2025 totaled $123.1 million, which included $110.7 million of repurchases under the stock repurchase program and $12.4 million associated with vesting of the Company’s equity awards.

Net cash used in financing activities was $65.9 million for the nine months ended September 30, 2024. During the nine months ended September 30, 2024, the Company received $159.5 million of proceeds from the Revolving Facility borrowings, offset by $159.5 million of payments on the Revolving Facility borrowings. The Company’s common stock repurchases for the nine months ended September 30, 2024 totaled $64.4 million, which included $41.3 million of repurchases under the stock repurchase program and $23.1 million associated with vesting of the Company’s equity awards.

Debt

The Company’s debt as of September 30, 2025 and December 31, 2024 consisted of the following (in millions):

		September 30, 2025				December 31, 2024
Term Loan A Facility		$	112.1			$	125.0
Borrowings under the Revolving Facility			43.0				—
Unamortized debt issuance costs			(0.4	)			(0.3	)
Total debt			154.7				124.7
Less: current portion of long-term debt			5.8				—
Long-term debt		$	148.9			$	124.7

The Company’s debt maturity schedule as of September 30, 2025 is shown in the table below:

		Payments Due In
		Total				2025				2026				2027				2028				2029				2030 and thereafter
		(in millions)
Term Loan A Facility (a)		$	112.1			$	1.4			$	5.8			$	5.8			$	10.0			$	11.5			$	77.6

(a)Excludes unamortized debt issuance costs of $0.4 million, which do not represent contractual commitments with a fixed amount or maturity date.

Credit Agreement—On March 13, 2025, the Company amended and restated its credit agreement dated as of September 30, 2016 (as in effect prior to such amendment and restatement, the “Credit Agreement,” and the Credit Agreement, as so amended and restated, the “Amended and Restated Credit Agreement”), by and among the Company, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, to provide for a $115.0 million term loan A facility (the “Term Loan A Facility”), establish a $300.0 million revolving facility (the “Revolving Facility”) with a maturity date of March 13, 2030 to replace the entire amount of the revolving facility and modify the financial maintenance and negative covenants in the Amended and Restated Credit Agreement, among other things. The Amended and Restated Credit Agreement contains a number of covenants, including a minimum Interest Coverage Ratio and the Consolidated Net Leverage Ratio, as defined in and calculated pursuant to the Amended and Restated Credit Agreement, that, in part, restrict the Company’s ability to incur additional indebtedness, create liens, engage in mergers and consolidations, make restricted payments and dispose of certain assets. The Amended and Restated Credit Agreement generally allows annual dividend payments of up to $20.0 million in the aggregate. Each of these covenants is subject to important exceptions and qualifications. Refer to Note 8, Debt, for additional information.

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The Company used the proceeds of the Term Loan A Facility and the Revolving Facility to retire the full $125.0 million of the Company’s then-outstanding Delayed Draw Term Loan A Facility. Under the Amended and Restated Credit Agreement, the Term Loan A Facility bears interest at a rate equal to the sum of the Secured Overnight Financing Rate (“SOFR”) plus a margin ranging from 2.00% to 2.50% based on the Company’s Consolidated Net Leverage Ratio. The principal amount of loans under the Term Loan A Facility are due and payable in equal quarterly installments of 1.25% of the original principal amount of the loans during the first three years after funding, beginning on June 30, 2025, and 2.50% of the original principal amount of the loans thereafter. Voluntary prepayments of the Term Loan A Facility are permitted at any time without premium or penalty. The entire unpaid principal amount of the loans will be due and payable in full on March 13, 2030.

As of September 30, 2025, there were $43.0 million of borrowings outstanding under the Revolving Facility as well as $1.5 million in outstanding letters of credit and bank guarantees, all of which reduced the availability under the Revolving Facility. Based on the Company’s results of operations for the twelve months ended September 30, 2025 and existing debt, the Company would have had the ability to utilize the remaining $255.5 million of the Revolving Facility and not have been in violation of the terms of the agreement.

The current availability under the Revolving Facility and net available liquidity as of September 30, 2025 are shown in the table below:

		September 30, 2025
Availability		(in millions)
Revolving Facility		$	300.0
Availability reduction from covenants			—
		$	300.0
Usage
Borrowings under the Revolving Facility			43.0
Impact on availability related to outstanding letters of credit			1.5
		$	44.5
Current availability		$	255.5
Cash and cash equivalents			22.7
Net Available Liquidity		$	278.2

The Company was in compliance with its debt covenants as of September 30, 2025, and expects to remain in compliance based on management’s estimates of operating and financial results for fiscal year 2025 and the foreseeable future. However, declines in market and economic conditions or demand for certain of the Company’s services and products could impact the Company’s ability to remain in compliance with its debt covenants in future periods.

The failure of a financial institution supporting the Revolving Facility would reduce the size of the Company’s committed facility unless a replacement institution was added. As of September 30, 2025, the Revolving Facility is supported by thirteen U.S. and international financial institutions.

As of September 30, 2025, the Company met all the conditions required to borrow under the Revolving Facility, and management expects the Company to continue to meet the applicable borrowing conditions.

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OTHER INFORMATION

Litigation and Contingent Liabilities

For a discussion of certain litigation involving the Company, see Note 7, Commitments and Contingencies, to the Unaudited Condensed Consolidated Financial Statements.

Critical Accounting Estimates

There were no changes to critical accounting estimates from those disclosed in the Annual Report.

New Accounting Pronouncements

Recently issued accounting standards and their estimated effect on the Company’s Unaudited Condensed Consolidated Financial Statements are described in Note 1, Overview, Basis of Presentation and Significant Accounting Policies, to the Unaudited Condensed Consolidated Financial Statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no significant changes to the Company’s market risk disclosed in the Annual Report.

Item 4. Controls and Procedures

(a)Disclosure controls and procedures.

Management, together with the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(b) and Rule 15d-15(e) of the Exchange Act) as of September 30, 2025. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2025.

(b)Changes in internal control over financial reporting.

The Company is implementing a new quote-to-cash process, which included the implementation of new systems, for certain of its software services (“QTC Process”). This project improves the efficiency and effectiveness of certain business transactions, invoicing and reporting processes, as well as the underlying systems environment. The new QTC Process is a significant component of the Company’s internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

For a discussion of certain litigation involving the Company, see Note 7, Commitments and Contingencies, to the Unaudited Condensed Consolidated Financial Statements.

Item 1A. Risk Factors

There were no material changes during the three months ended September 30, 2025 to the risk factors identified in the Annual Report.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Period		Total Number of Shares Purchased				Average Price Paid per Share				Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs				Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (a)
July 1, 2025 - July 31, 2025			211			$	50.02				211			$	149,989,446
August 1, 2025 - August 31, 2025			315,915				54.29				314,462				132,918,956
September 1, 2025 - September 30, 2025 (b)			345,080				53.34				344,694				114,532,362
Total			661,206			$	53.79				659,367

(a)As further described in Note 10, Capital Stock, to the Unaudited Condensed Consolidated Financial Statements, on November 14, 2023, the Company’s Board of Directors authorized the repurchase of up to $150 million of the Company’s outstanding common stock commencing on January 1, 2024, with an expiration date of December 31, 2025. On May 15, 2025, the Board authorized the repurchase of up to $150 million of the Company’s outstanding common stock commencing on May 16, 2025, with an expiration date of December 31, 2026. This new share repurchase program replaces the previous $150 million program. The stock repurchase program may be suspended or discontinued at any time. The timing and amount of any shares repurchased are determined by the Company based on its evaluation of market conditions and other factors and may be completed from time to time in one or more transactions on the open market or in privately negotiated purchases in accordance with all applicable securities laws and regulations and all repurchases in the open market will be made in compliance with Rule 10b-18 under the Exchange Act. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so.

(b)Includes 22,000 shares, valued at $1.1 million, for which the Company placed orders prior to September 30, 2025 that were not settled until the fourth quarter of 2025.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Director or Officer Adoption or Termination of Trading Agreements

On September 11, 2025, Daniel N. Leib, the Company’s President and Chief Executive Officer, adopted a trading plan with respect to the sale of 40,000 shares of common stock, granted to Mr. Leib as equity incentive compensation (the “Leib Plan”). The Leib Plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. Pursuant to the Leib Plan, if the market price of the Company’s common stock is within a specified price range during a trading window between February 23, 2026 and March 13, 2026, up to 40,000 shares of common stock will be sold at the market price.

Amendment to Dan Leib Employment Agreement, Executive Severance Plan and Form Award Agreements

On October 27, 2025, the Company entered into a side letter agreement (the “Letter Agreement”) with Daniel N. Leib, the Company’s Chief Executive Officer and President and a Director of the Company, to amend Mr. Leib’s amended and restated employment agreement dated July 13, 2017 (the “Employment Agreement”), as previously amended on April 10, 2018 and July 15, 2020. The Letter Agreement provides for treatment of compensation and benefits in the event Mr. Leib’s employment terminates after he attains at least age 62 due to his “retirement” (as defined in the Letter Agreement). Mr. Leib is currently 59 years old.

Under the terms of the Letter Agreement, if Mr. Leib’s employment terminates due to his retirement, the Company will provide him with a pro-rata annual bonus based on performance for the year in which his retirement occurs (and any unpaid annual bonus for the prior year) and continued subsidized medical, dental and vision insurance coverage benefits for twenty-four months.

In addition, equity and cash-based long-term awards that are granted to Mr. Leib on or following January 1, 2026 will be treated as follows, provided that Mr. Leib’s retirement occurs on or after the six month anniversary of the date of grant: all unvested time-based awards will continue to vest, and all unvested performance-based awards will vest pro-rata based on the number of days Mr. Leib was employed by the Company during the applicable performance period and will be calculated based on actual performance attained.

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The awards that vest or continue to vest due to Mr. Leib’s retirement will be payable when such award is payable pursuant to the applicable award agreement, and any such awards that are stock options will remain exercisable for the full term of such stock option. In the event of Mr. Leib’s death or disability or a change in control occurs (as defined in the Employment Agreement) prior to the time such award is payable pursuant to the applicable award agreement, such time-based awards will become fully vested and such performance-based awards will be calculated based on target performance with respect to any open performance period as of such death, disability or change in control, as applicable, and such awards will be distributed following such death, disability or change in control, as applicable.

All other terms and conditions of the Employment Agreement remain in full force and effect.

The foregoing description of the Letter Agreement is a summary and is qualified in its entirety by reference to the full text of the Letter Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

In addition, the Company amended its Amended & Restated Executive Severance Plan effective as of October 27, 2025 (the “Executive Severance Plan”) and approved forms of award agreements effective as of October 27, 2025 for performance unit awards and restricted stock unit awards. The Executive Severance Plan and form of award agreement for performance units clarify that performance-based awards will be payable in specified terminations of employment based upon actual performance attained for any completed performance periods and at target performance with respect to any open performance periods. The foregoing descriptions of the Executive Severance Plan and forms of award agreements are summaries and are qualified in their entirety by the full text of the Executive Severance Plan and forms of award agreement, which are attached hereto as Exhibit 10.2, Exhibit 10.3 and Exhibit 10.4 and are incorporated herein by reference.

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Item 6. Exhibits

3.1		Amended and Restated Certificate of Incorporation of Donnelley Financial Solutions, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated September 30, 2016, filed on October 3, 2016)
3.2		Certificate of Amendment to Amended and Restated Certificate of Incorporation of Donnelley Financial Solutions, Inc., as filed on May 19, 2023 with the Secretary of State of Delaware (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed on May 19, 2023)
3.3		Amended and Restated By-laws of Donnelley Financial Solutions, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated November 14, 2023, filed on November 16, 2023)
10.1		Letter Agreement, dated as of October 27, 2025, to Amended and Restated Employment Agreement, dated as of July 13, 2017, between the Company and Daniel N. Leib (filed herewith)*
10.2		Donnelley Financial Solutions, Inc. Amended and Restated Executive Severance Plan, as amended and restated, effective as of October 27, 2025 (filed herewith)*
10.3		Form of Performance Share Unit Award Agreement (2026), effective as of October 27, 2025 (filed herewith)*
10.4		Form of Restricted Stock Unit Award Agreement (2026), effective as of October 27, 2025 (filed herewith)*
31.1		Certification by Daniel N. Leib, President and Chief Executive Officer, required by Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934 (filed herewith)
31.2		Certification by David A. Gardella, Executive Vice President and Chief Financial Officer, required by Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934 (filed herewith)
32.1		Certification by Daniel N. Leib, President and Chief Executive Officer, required by Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code (filed herewith)
32.2		Certification by David A. Gardella, Executive Vice President and Chief Financial Officer, required by Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code (filed herewith)
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104		The cover page for the Company’s Quarterly Report on Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101

* Management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	DONNELLEY FINANCIAL SOLUTIONS, INC.
	By:		/s/ DAVID A. GARDELLA
			David A. Gardella
			Executive Vice President and Chief Financial Officer

Date: October 29, 2025

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FAQ

What were DFIN’s Q3 2025 net sales and operating results?

Net sales were $175.3 million, and income from operations was $28.2 million. Segment Adjusted EBITDA totaled $61.3 million.

Why did DFIN report a net loss in Q3 2025?

A non-cash $82.8 million pension plan settlement charge led to a net loss of $40.9 million and diluted EPS of $1.49.

How did revenue mix shift year over year in Q3 2025?

Software solutions rose to $90.7M (from $82.2M), tech‑enabled services were $68.6M (from $75.2M), and print/distribution were $16.0M (from $22.1M).

What was DFIN’s cash flow from operations year-to-date?

Net cash provided by operating activities was $105.1 million for the nine months ended September 30, 2025.

How much stock did DFIN repurchase year-to-date in 2025?

DFIN repurchased $111.6 million of common stock, totaling 2,307,820 shares, at an average price of $48.35.

What is DFIN’s current debt structure and balances?

Total debt was $154.7 million, including $112.1 million Term Loan A and $43.0 million outstanding under the revolving facility.

Did DFIN change its credit facilities in 2025?

Yes. On March 13, 2025, DFIN put in place a $115.0M Term Loan A and a $300.0M revolver maturing in 2030.