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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________________

Form 10-K


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

For the Fiscal Year Ended December 31, ~~2024~~2025


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

For the transition period from to

Commission File Number 001-08454

ACCO Brands Corporation

(Exact Name of Registrant as Specified in Its Charter)

     Delaware

     36-2704017

     (State or Other Jurisdiction
of Incorporation or Organization)

     (I.R.S. Employer
Identification Number)

Four Corporate Drive

Lake Zurich, Illinois 60047

(Address of Registrant’s Principal Executive Office, Including Zip Code)

(847) 541-9500

(Registrant’s Telephone Number, Including Area Code)

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


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $.01 per share	ACCO	NYSE

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ ☐ No ☐☑

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 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 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

As of June 30, ~~2024~~2025, the aggregate market value of the shares of Common Stock held by non-affiliates of the registrant was approximately $~~440~~316.91 million. As of ~~February~~March 132, ~~2025~~2026, the registrant had outstanding 9290,~~881~~170,~~008~~277 shares of Common Stock.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s definitive proxy statement to be issued in connection with registrant’s annual stockholders' meeting expected to be held on May 2016, ~~2025~~2026, are incorporated by reference into Part III of this report.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this Annual Report on Form 10-K other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, strategies, business operations and similar matters, results of operations, liquidity, and financial condition, and those related to cost reductions and anticipated pre-tax savings and restructuring costs are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words "will," "believe," "expect," "intend," "anticipate," "estimate," "forecast," "future," "predict," "project," "plan," and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of events outside the Company’s control and actual results and the timing of the events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Investors and others are cautioned to not place undue reliance on forward-looking statements when deciding whether to buy, sell or hold the Company's securities.

Some of the factors that could affect our results or cause our plans, actions, and results to differ materially from those expressed in the forward-looking statements contained in this Annual Report Form 10-K are detailed in "Part I, Item 1. Business" and "Part I, Item 1A. Risk Factors" as well as in "Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" of this Annual Report on Form 10-K and from time to time in our other Securities and Exchange Commission (the "SEC") filings.

Website Access to Securities and Exchange Commission Reports

The Company’s website can be found at www.accobrands.com. The information contained on or connected to our website is not incorporated by reference into this Annual Report on Form 10-K and should not be considered part of this or any other report we file with the SEC. The Company makes available free of charge on or through its website its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as practicable after the Company files them with, or furnishes them to, the SEC. We also make available the following documents, among others, on our ~~Internet~~ website: the Audit Committee Charter; the Compensation and Human Capital Committee Charter; the Nominating, Governance and Sustainability Committee Charter; our Corporate Governance Principles; and our Code of Conduct. The Company’s Code of Conduct applies to all of our directors, officers (including the Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer) and employees. You may obtain a copy of any of the foregoing documents, free of charge, if you submit a written request to ACCO Brands Corporation, Four Corporate Drive, Lake Zurich, IL 60047, Attn: Investor Relations.

TABLE OF CONTENTS

PART I
ITEM 1.	Business	1
ITEM 1A.	Risk Factors	76
ITEM 1B.	Unresolved Staff Comments	1920
ITEM 1C.	Cybersecurity	20
ITEM 2.	Properties	2223
ITEM 3.	Legal Proceedings	2324
ITEM 4.	Mine Safety Disclosures	2324
PART II
ITEM 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	2425
ITEM 6.	[Reserved]	2526
ITEM 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2627
ITEM 7A.	Quantitative and Qualitative Disclosures About Market Risk	40
ITEM 8.	Financial Statements and Supplementary Data	42
ITEM 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	9193
ITEM 9A.	Controls and Procedures	9193
ITEM 9B.	Other Information	9294
ITEM 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	9294
PART III
ITEM 10.	Directors, Executive Officers and Corporate Governance	9395
ITEM 11.	Executive Compensation	9395
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	9496
ITEM 13.	Certain Relationships and Related Transactions, and Director Independence	9496
ITEM 14.	Principal Accountant Fees and Services	9496
PART IV
ITEM 15.	Exhibits and Financial Statement Schedules	9597
ITEM 16.	Form 10-K Summary	9597
	Signatures	~~101~~103

PART I

ITEM 1. BUSINESS

As used in this Annual Report on Form 10-K for the fiscal year ended December 31, ~~2024~~2025, the terms "ACCO Brands," "ACCO," the "Company," "we," "us," and "our" refer to ACCO Brands Corporation, a Delaware corporation incorporated in 2005, and its consolidated domestic and international subsidiaries.

For a description of certain factors that may have had, or may in the future have, a significant impact on our business, results of operations or financial condition, see "Part I, Item 1A. Risk Factors" of this report.

Overview of the Company

ACCO Brands is a leading global consumer, technology and business branded products company, providing well-known brands and innovative product solutions used in schools, homes and at work. Approximately 75 percent of our ~~2024~~2025 net sales came from brands that are in the No. 1 or No. 2 position in the product categories in which we compete. Our top 12 brands represented approximately $1.31 billion of our ~~2024~~2025 net sales. Our products are sold primarily in the U.S., Europe, Australia, Canada, Brazil, and Mexico.

Note: Artline® in Australia/N.Z. only

Business Strategy

Our key strategic priorities are to:

•

~~Focus~~Enhance ~~on improving our~~ innovation and new product development processes, ~~expanding~~expand into new points of distribution and ~~extending~~extend our product offering into adjacent categories.

•

Expand organically and inorganically the mix of business into higher growth technology peripheral categories.

•

Use our strong brand recognition and supply chain expertise to expand relationships with new and existing customers.

•

Manage mature product categories which remain important profit and cash generators.

•

Support profitability through margin expansion initiatives and our multi-year cost reduction and footprint rationalization programs.

•

Maintain a balanced capital allocation strategy, which prioritizes debt reduction with our consistent cash flow to strengthen our balance sheet, while also supporting the quarterly dividend, potential share repurchases and opportunistic M&A.

Execute a disciplined acquisition approach focused on expanding brand presence, extending our geographic reach and complementing existing product lines, while maintaining a low leverage ratio and realizing synergies.

The Company generates consistent operating cash flow, allowing for a balanced capital allocation strategy. Our capital allocation strategy ~~includes~~prioritizes ~~investment~~debt toreduction ~~support internal capital projects~~ to ~~support~~strengthen our ~~long-term~~balance ~~growth~~sheet, ~~funding~~while ~~our~~also supporting the quarterly dividend, potential share repurchases, ~~debt~~and ~~reduction~~opportunistic mergers and ~~potential~~ acquisitions. Historically we have made acquisitions that have meaningfully expanded our portfolio of well-known brands, enhanced our competitive position from both a product and channel perspective, added scale to our operations, and increased our geographic presence.

Operating Segments

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

Sales Percentage by Operating Segment	~~2024~~2025	~~2023~~2024	~~2022~~2023
ACCO Brands Americas	6059%	6260%	62%
ACCO Brands International	4041%	3840%	38%
	100%	100%	100%

For more information on our operating segments see "Note 1718. Information on Operating Segments" to the consolidated financial statements contained in Part II, Item 8. of this report.

Effective January 1, 2024, the Company reorganized into two operating segments, the Americas and International. Americas includes the U.S., Canada, Brazil, Mexico and Chile and International includes EMEA, Australia, New Zealand and Asia. This reorganization has and will continue to simplify and delayer the Company's operating structure and is continuing to reduce costs through headcount reductions, supply change optimization, global footprint rationalization, and better leverage of our sourcing capabilities. Prior period results have been reclassified to reflect this change in our operating segments.

Seasonality

Sales of the Company's products tend to be seasonal, with first quarter sales and operating income being lower than any other quarter. This is due to a combination of factors including lower volume and the mix of products sold in the first quarter. In addition, in the Americas, the U.S. back-to-school season primarily falls in the second and third quarters, which impacts our seasonality. The seasonality of the Company's sales volume combined with our fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company's profits on a quarterly basis.

Generally, our operating cash flow is generated in the second half of the year, as the cash inflows in the first and second quarters are consumed building working capital and making our annual performance-based compensation payments when earned. Our third and fourth quarter cash flows come from completing the working capital cycle. The seasonality of our operating cash flow ~~maybe~~may be impacted as we execute on our footprint rationalization program and increase our use of sourcing finished products.

For further information on the seasonality of our net sales, earnings and cash flow, see "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations."

Customers

We distribute our products through a wide variety of channels to ensure that our products are readily and conveniently available for purchase by consumers and other end-users, wherever they prefer to shop. These channels include mass retailers, e-tailers, discount, drug/grocery and variety chains, warehouse clubs, hardware and specialty stores, independent office product dealers, office superstores, wholesalers, contract stationers, and specialist technology businesses. We also sell directly through e-commerce sites and our direct sales organization.

Competition

We operate in a highly competitive environment. ACCO Brands competes with numerous branded consumer and business products manufacturers, as well as many private label suppliers and importers, including various customers who import their own private label products directly from foreign sources.

The Company meets competitive challenges by creating and maintaining leading brands and differentiated products that deliver superior value, performance, and benefits to consumers and other end-users. Our products are sold through diverse distribution channels. We further meet consumer and end-user needs by developing, producing, and procuring products at a competitive cost, enabling them to be sold at attractive selling prices. We also believe that our experience and skill in managing complex assortments and large seasonal demand is a competitive advantage, as are our strong relationships with technology and content providers in our technology accessories categories.

Product Development

We seek opportunities to invest in new products and adjacencies. Our innovation efforts focus on generating new, exciting, and differentiated products that meet consumer and other end-user needs and provide the opportunity to meaningfully grow sales and margins. Our commitment to understanding our consumers and end-users and designing products that fulfill their needs drives our product development strategy, which we believe will continue to be a key contributor to our success. Our products are developed by our internal research and development teams and with technology providers. Costs related to product development when paid directly by ACCO Brands are included in selling, general and administrative expenses.

Marketing and Demand Generation

We support our brands with a significant investment in targeted marketing and advertising, including on-shelf and in-store, and through digital and social media and consumer promotions that increase brand awareness, drive conversion, and highlight the innovation and differentiation of our products. We work with third-party vendors, such as Nielsen, Circana, GfK SE, NEWZOO and Kantar Group, to capture and analyze consumer buying habits and product trends.

Supply Chain

We have built a customer-focused business model with a flexible supply chain to ensure that we are able to supply our customers with value-added, high-quality products at an attractive price. We currently manufacture approximately 40 percent of our products in our own facilities located in the countries where we operate and source the remaining 60 percent from lower cost countries, primarily in Asia. Using a combination of our own manufacturing and third-party sourcing also enables us to reduce costs and effectively manage our production assets by lowering capital investment and working capital requirements. Under our global footprint rationalization program, we will continue to rationalize our facilities as well as look for opportunities to leverage our manufacturing facilities to improve operating efficiencies.

Intellectual Property

Our products are marketed under a variety of trademarks. Some of our more significant trademarks include ACCO®, AT-A-GLANCE®, Barrilito®, Buro®, Derwent®, Esselte®, Five Star®, Foroni®, GBC®, Hilroy®, Kensington®, Leitz®, Marbig®, Mead®, NOBO®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, and Tilibra®. We own rights to these trademarks in various countries throughout the world. We protect these trademarks as appropriate through registrations in the U.S. and other jurisdictions. Depending on the jurisdiction, trademarks are generally valid as long as they are in use or their registrations are properly maintained, and they have not been found to have become generic. Registrations of trademarks can generally be renewed indefinitely as long as the trademarks are in use. We also own numerous patents worldwide. Additionally, our gaming accessories ~~business depends on maintaining our licensing rights with key gaming console manufacturers and video game publishers.~~

business depends on maintaining our licensing rights with key gaming console manufacturers and video game publishers, while our audio products business depends in part on certifications as to their compatibility with third party communications platforms.

Human Capital Resources

The people behind the brands are our greatest assets and key enablers of our success. We are intentional about providing fulfilling work experiences and competitive total rewards packages that attract top talent, motivate employees to stay, and actively engage in a winning team environment.

At the end of ~~2024~~2025, we had approximately 54,~~000~~700 full-time and part-time employees worldwide, with approximately 23,600 employees inbased ~~our~~outside ~~Americas~~the ~~operating segment (~~U.S., ~~Canada, Brazil, Mexico and Chile), 2,300 in our International operating segment (EMEA, Australia and Asia) and 100 employees in Corporate.~~ We also rely on a contingent hourly workforce to supplement our full-time workforce to meet seasonal demand. Approximately 200 manufacturing and distribution employees in the U.S. are covered by collective bargaining agreements. We also have government-mandated collective bargaining arrangements in certain countries, particularly in Europe and Brazil. There have been no strikes or material labor disputes at any of our facilities during the past five years.

Culture

Our core values include operating with integrity in all that we do, respecting the individual, embracing diverse perspectives and creativity to spark innovation, and acting responsibly in the communities where we live and work. Our culture helps to unlock each employee's sense of belonging and unique contributions, creating a culture where people bring their best ideas to the office and feel good about the work environment.

Talent Management and Training

Investing in people and growing talent, in the form of leadership development, supports business growth.

As we adapt to changes in business needs and priorities, addressing skill gaps and building, and sustaining, strong talent is critical to our success. Our people strategy includes a mix of developmental roles and learning experiences for our current employees as well as acquiring external talent to address new capabilities to help the organization accelerate growth. We also deliver Company-required learning to ensure compliance with our Code of Conduct and other important policies.

Employee Health and Safety ("EHS")

We are committed to Mission Zero— pursuing continuous improvement in health and safety within all our locations and to attain our goal of zero accidents and zero incidents. We have implemented our Comprehensive Environmental and Safety Management Plan as an overall management system for our manufacturing and distribution locations. Audits are completed by our teams to measure the proactive steps each location is taking to prevent injuries. We have been recognized as one of the safest companies in America and the U.K. on multiple occasions.

Community Involvement

We aim to give back to the communities where we live and work. Our corporate values include acting responsibly in our global communities through numerous employee volunteer and outreach initiatives. We encourage our employees to make a difference in our Company and in their communities by building on a fundamental commitment to responsibility. We support a wide range of charities worldwide, the most significant of which is the City of Hope, primarily based in the U.S. with far-reaching impacts of its medical and cancer-related research. The ACCO Brands and City of Hope partnership spans two decades.

Executive Leadership of the Company

As of February 2127, ~~2025~~2026, the executive leadership team of the Company consisted of the following executive officers. Ages are as of December 31, ~~2024~~2025.

Patrick H. Buchenroth, age 57•2024 - present, Executive Vice President and President, Americas•2017 - 2023, Executive Vice President and President, ACCO Brands International•2013 - 2017, Senior Vice President and President, Emerging Markets•Joined the Company in 2002 Paul P. Daniel, age 5960•2022 - present, Senior Vice President and Chief Information Officer•2020 - 2022, Vice President, Infrastructure and Operations•2017 - 2020 - Vice President, Global IT Operations, Tate & Lyle PLC •Joined the Company in 2020 James M. Dudek, Jr., age 5354•2020 - present, Senior Vice President, Corporate Controller and Chief Accounting Officer•2017 - 2020, Vice President and Corporate Controller•2016 - 2017, Chief Accounting Officer, Innerworkings, Inc.•Joined the Company in 2017 Kathryn D. Ingraham, age 57•2025 - present, Senior Vice President, General Counsel and Corporate Secretary•2019 - 2024 General Counsel and Secretary, Convergint Technologies•2015 - 2018 General Counsel, KapStone Paper and Packaging Corporation •Joined the Company in 2025 Angela Jones, age 6162•~~2020~~2025 - present, Senior Vice President, Global Chief People and Corporate Responsibility Officer•2020 - 2025, Senior Vice President and Global Chief People Officer•2018 - 2020, Senior Vice President and Chief People Officer, Compass Minerals•2016 - 2018, Vice President, Human Resources Rembrandt Foods•Joined the Company in 2020 Gregory J. McCormack, age 6162•2024 - present - Senior Vice President, Global Operations and Supply Chain•2018 - 2023, Senior Vice President, Global Products and Operations•2013 - 2018, Senior Vice President, Global Products•Joined the Company in 1996 ~~Cezary~~Deborah LA. ~~Monko~~O'Connor, age 63•~~2024~~2022 - present, Executive Vice President and ~~President,~~Chief ~~International~~Financial Officer•~~2017~~2020 - ~~2023~~2021, ~~Executive Vice~~ President and ~~President~~Chief Financial Officer, ~~ACCO~~True ~~Brands~~Value ~~EMEA~~Company•~~2014~~2015 - ~~2017~~2020, Senior Vice President and Chief ~~Executive~~Financial Officer, ~~Esselte~~True Value Company •Joined the Company in ~~1992~~2022 ~~Deborah~~John AE. ~~O'Connor~~Peters, Jr., age 6249•~~2022~~2025 - present, ~~Executive~~Senior Vice President, ~~and~~North ~~Chief Financial Officer~~America•~~2020~~2024 - ~~2021~~2025, Senior Vice President, ~~and~~General ~~Chief~~Manager ~~Financial~~- ~~Officer,~~U.S. ~~True~~C&OP ~~Value~~and ~~Company~~PowerA•~~2015~~2020 - ~~2020~~2024, Senior Vice President ~~and Chief Financial Officer~~, ~~True~~U.S. ~~Value Company~~ Sales•Joined the Company in ~~2022~~1998 ~~Pamela~~Ard-Jen R.(AJ) ~~Schneider~~Spijkervet, age 6558•~~2012~~2026 - present, Senior Vice President, ~~General Counsel~~ and ~~Secretary~~President, International•~~2010~~2017 - ~~2012~~2025, ~~General~~Vice ~~Counsel~~President, ~~Accertify~~Central Europe / Vice President, ~~Inc.~~Brand Strategy •Joined the Company in ~~2012~~2017 Thomas W. Tedford, age 5455•2023 - present, President and Chief Executive Officer•2021 - 2023, President and Chief Operating Officer•2015 - 2021, Executive Vice President and President, ACCO Brands North America•Joined the Company in 2010

ITEM 1A. RISK FACTORS

The factors that are discussed below, as well as the matters that are generally set forth in this Annual Report on Form 10-K and the documents incorporated by reference herein, could materially and adversely affect the Company’s business, results of operations, and financial condition. Additional risks and uncertainties that are not presently known to us or that are not deemed material also may materially adversely affect the Company’s business, results of operations, and financial condition in the future.

Summary Risk Factors

•

Economic and Strategic Risks

Customer concentration;

General economic and business conditions globally and in our markets;

Impact of business decisions by large customers;

Foreign currency exposure;

Highly competitive industry;

Ability to develop and market innovative products at competitive prices;

Operating in emerging markets;

Continued declines in the use of certain of our products;

Seasonality of our business;

Pension plan investment volatility and unfunded liabilities;

Impairment of goodwill and intangible assets;

Ability to protect and maintain intellectual property and to license the right to use the trademarks and other intellectual property of third parties;

Timing, frequency and success of release of new gaming consoles by major gaming console makers;

Ability to properly identify, value, execute and integrate acquisition opportunities;

•

Operational Risks

Ability to implement restructuring and cost savings initiatives;

Disruptions in the global supply chain;

Inflation in the cost of raw materials, transportation, labor and other supplies and services;

Ability to effectively outsource product development and production, our information technology systems and other administrative functions;

•

Technology and Cybersecurity Risks

Extensively reliance on information technology systems to manage our business;

Impact of data and system security breaches;

Risks related to implementation of artificial intelligence solutions in our operations;

•

Liquidity, Capital Resources and Capital Allocation Risks

Limitations under our debt instruments;

Ability to pay dividends or engage in stock repurchases;

•

Legal and Regulatory Risks

Product liability risks;

Litigation risks;

Tax compliance and liabilities applicable to global business;

Complex and expensive legal and regulatory requirements;

Changes in trade policy and regulations, including changing tariff policies and trade agreements;

•

General Risk Factors

Ability to attract and retain qualified personnel;

Stock price volatility; and

Broad range of circumstances outside our control.

Economic and Strategic Risks

A limited number of large customers account for a significant percentage of our net sales, and the loss of, or a substantial reduction in sales to, or gross profit from, or significant decline in the financial condition of one or more of these customers has and is likely to continue to adversely impact our business and results of operations.

Our top ten customers accounted for a significant portion of our net sales. The loss of, or a significant reduction in sales to, or gross profit from, one or more of our top customers, or significant adverse changes to the terms on which we sell our products to one or more of our top customers, has and is likely to continue to have a material adverse effect on our business, results of operations, and financial condition.

The size, scale, and relative competitive market position of certain large customers gives them significant leverage in business negotiations. Additionally, the competitive environment in which our large customers operate has made and will continue to make our business with them challenging and unpredictable.

Our customer concentration increases our customer credit risk. If any of our larger customers were to face liquidity issues, become insolvent or file for bankruptcy, we have and could continue to be adversely impacted due to not only a reduction in future sales but also delays or defaults in the payment of existing accounts receivable balances. Such a result could adversely impact our cash flows, results of operations, and financial condition.

Sales of our products have been, and we expect they will continue to be, materially and adversely affected by general economic and business conditions globally and in the countries in which we operate.

Our business depends on discretionary spending, and, as a result, our sales and operating results are highly dependent on consumer and business confidence and the health of the economies in the countries in which we operate. During periods of economic uncertainty or weakness, we have and continue to experience lower demand from our reseller customers who often reduce inventories, both to reduce their own working capital investments and because demand for our products decreases as consumers switch to private label and other branded and/or generic products that compete on price and quality, or forgo purchases altogether. Overall, adverse economic conditions, including high inflation, varying interest rates, and sustained periods of economic uncertainty or weakness in one or more of the geographic markets in which we operate, whatever the cause, have negatively affected, and we expect will continue to negatively affect, our sales and profitability, results of operations, cash flow, and financial condition.

~~The~~Large ~~Company~~customers ~~has~~have ~~foreign currency translation and transaction exposure that has~~taken, and ismay ~~likely to~~ continue to take, ~~materially~~actions ~~affect~~that ~~the~~adversely ~~Company’s~~affect ~~sales,~~our ~~results~~gross ofprofit ~~operations, financial condition~~ and ~~liquidity~~operating results.

AWe ~~majority~~are ofincreasingly ~~our~~dependent ~~net~~upon ~~sales~~key ~~are~~customers ~~transacted~~whose inbargaining astrength ~~currency~~is ~~other~~substantial ~~than~~and ~~the U~~growing.S. ~~dollar.~~We ~~Our~~may ~~primary~~be ~~exposure~~negatively toaffected ~~currency~~by ~~movements~~changes ~~relative to the U.S. dollar is~~ in the ~~Euro,~~policies ~~the~~of ~~Swedish~~our ~~krona~~customers, ~~the~~such ~~British~~as ~~pound,~~on-hand ~~the~~inventory ~~Brazilian real~~reductions, ~~the~~limitations ~~Australian~~on ~~dollar,~~access ~~the~~to ~~Canadian~~shelf ~~dollar and the Mexican peso. Currency exchange rates can be volatile~~space, ~~especially~~use inof ~~times~~private oflabel ~~global~~brands, ~~political~~price and ~~economic~~term ~~tension or uncertainty. Additionally~~demands, ~~government~~ actions ~~such~~to asrespond ~~currency~~to ~~devaluations,~~public ~~foreign~~health ~~exchange controls~~crises, and ~~imposition of tariffs or~~ other ~~trade restrictions~~conditions, ~~among~~which ~~other~~could ~~things, can further~~ negatively impact, ~~and~~our ~~increase~~business, ~~the~~operating ~~volatility of~~results, ~~foreign~~and ~~currency~~financial ~~exchange rates~~condition.

Certain of our customers source and sell products under their own private label brands that compete with our products. Additionally, as large traditional retail and online customers grow even larger and become more sophisticated, they may continue to demand lower pricing, shorter lead times for the delivery of products, smaller more frequent shipments, or impose other requirements on product suppliers. These business demands may relate to inventory practices, logistics, or other aspects of the customer-supplier relationship. If we do not effectively respond to these demands, these customers could decrease their purchases from us. A reduction in the demand for our products by these customers and the costs of complying with their business demands could have a material adverse effect on our business, operating results, and financial condition.

The ~~fluctuations~~Company inhas ~~the~~ foreign currency ~~rates relative to the U.S. dollar cause~~ translation, ~~transaction,~~ and ~~other~~transaction ~~gains~~exposure ~~and~~that ~~losses in our non-U.S.-based businesses~~has, ~~which impact our sales, profitability~~ and ~~cash flow. Our primary exposure~~ is ~~from~~likely ~~translation~~to ofcontinue ~~our foreign operations' results. Generally~~to, ~~the~~materially ~~strengthening~~affect of the ~~U.S. dollar against foreign currencies negatively impacts the~~ Company’s ~~reported~~ sales ~~and operating margins. Conversely~~, ~~the~~results ~~weakening~~ of ~~the~~operations, ~~U.S.~~financial ~~dollar~~condition, ~~against~~and ~~foreign currencies generally has a positive effect~~liquidity.

A majority of our net sales are transacted in a currency other than the U.S. dollar. Our primary exposure to currency movements relative to the U.S. dollar is in the Euro, the Swedish krona, the British pound, the Brazilian real, the Australian dollar, the Canadian dollar, and the Mexican peso. Currency exchange rates can be volatile, especially in times of global, political and economic tension or uncertainty. Additionally, government actions such as currency devaluations, foreign exchange controls, and imposition of tariffs or other trade restrictions, among other things, can further negatively impact, and increase the volatility of, foreign currency exchange rates.

The fluctuations in the foreign currency rates relative to the U.S. dollar cause translation, transaction, and other gains and losses in our non-U.S.-based businesses, which impact our sales, profitability, and cash flow. Our primary exposure is from translation of our foreign operations' results. Generally, the strengthening of the U.S. dollar against foreign currencies negatively impacts the Company’s reported sales and operating margins. Conversely, the weakening of the U.S. dollar against foreign currencies generally has a positive effect on the Company’s sales and operating margins.

We source a majority of our products from lower cost countries, primarily in Asia using U.S. dollars. This creates transactional exposure in our foreign markets. The strengthening of the U.S. dollar against local foreign currencies increases our cost of goods and reduces our margins on products sold in local currency. When this occurs, we seek to raise prices in our foreign markets to recover the lost margin. Due to competitive pressures and the timing of these price increases relative to the changes in the foreign currency exchange rates, it is often difficult to increase prices fast enough to fully offset the cumulative impact of the foreign-exchange-related inflation on our cost of goods sold in these markets.

We use hedging instruments to mitigate transactional exposure to changes in foreign currencies. The effectiveness of our hedges depends in part on our ability to accurately forecast future cash flows, which is particularly difficult during periods of uncertain demand for our products and highly volatile exchange rates. For additional information, see "Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk - Foreign Exchange Risk Management" of this report.

Challenges related to the highly competitive business environment in which we operate have, and are likely to continue to have, a material adverse effect on our business, results of operations, and financial condition.

We operate in a highly competitive environment characterized by large, sophisticated customers, low barriers to entry for certain of our products, and competition from a wide range of products and services (including private label products and electronic and digital products and services that can replace or render certain of our products obsolete). We have seen, and expect to continue to see, increased competition from private label brands as well as increased price competition from branded competitors, especially in periods of economic uncertainty and weakness when customers and consumers turn to alternative or lower cost products, including digital solutions, and overall demand for our products is lower.

ACCO Brands competes with numerous branded consumer products manufacturers, as well as numerous private label suppliers and importers, including many of our customers who import their own private label products directly from foreign sources. Many of our competitors have strong, sought-after brands. Their ability to manufacture products locally at a lower cost or source them from other countries with lower production costs can give them a competitive advantage in terms of price under certain circumstances.

Our business has been, and we expect it will continue to be, affected by actions taken by our customers and competitors to compete more effectively. Such actions have, and in the future may, result in lost sales and lower margins, and adversely affect our business, results of operations, and financial condition.

Our success depends on our ability to develop and market innovative products that meet consumer and other end-user demands, including price expectations, and to expand into new and adjacent product categories.

Our success depends on our ability to invest in innovation and product development and successfully anticipate, develop and market products that appeal to the changing needs and preferences of consumers and other end-users. Additionally, part of our strategy is to develop new, exciting and differentiated products which we believe help us to sustain category leading positions and drive significant long-term growth. There can be no assurance that we will make the right investment choices or be successful in developing innovative products. If we are unable to successfully increase sales and margins by expanding our product assortment, our business, results of operations and financial condition could be adversely affected.

Our success depends on our ability to invest in innovation and product development and successfully anticipate, develop and market products that appeal to the changing needs and preferences of consumers and other end-users. Additionally, part of our strategy is to develop new, exciting, and differentiated products which we believe help us to sustain category leading positions and drive significant long-term growth. There can be no assurance that we will make the right investment choices or be successful in developing innovative products. If we are unable to successfully increase sales and margins by expanding our product assortment, our business, results of operations, and financial condition could be adversely affected.

Growth in emerging geographies may be difficult to achieve and exposes us to financial, operational, regulatory, compliance, and other risks not present, or not as prevalent, in more established markets.

Emerging markets, such as Brazil and Mexico, generally involve more financial, operational, regulatory and compliance risks than more mature markets. As we expand and grow in these markets, we increase our exposure to these risks. These risks include currency transfer restrictions, currency fluctuations, changes in international trade and tax policies and regulations (including import and export restrictions), and a lack of well-established or reliable legal systems. Additionally, in some cases, emerging markets also have greater political and economic volatility, greater vulnerability to infrastructure and labor disruptions, and are more susceptible to corruption, civil unrest, military disruptions, terrorism, public health emergencies, severe weather conditions, and natural disasters. Weak or corrupt legal systems may affect our ability to protect and enforce our intellectual property, contractual and other rights. Further, these emerging markets are generally more remote from our headquarters' location and have different cultures that may make it more difficult to impose corporate standards and procedures and the extraterritorial laws of the U.S. and other jurisdictions, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and other similar laws.

If we are unable to profitably grow our existing emerging market businesses or expand into other emerging markets, achieve the return on capital we expect as a result of our investments, or effectively manage the risks inherent in operating in these markets, our business, results of operations, and financial condition could be adversely affected.

Continued declines in the use of certain of our products have and will continue to materially adversely affect our business.

~~A number of our products and brands consist of paper-based and related products.~~ As use of technology-based tools continues to rise worldwide and the nature of hybrid work and ~~school~~education evolves demand for many of our products, especially for our traditional paper-based and related products has declined. This trend was accelerated by the COVID-19 pandemic and we expect that demand for these products will continue to decline. Additionally, regulatory developments - such as the recent decision by the German government to replace paper-based processes with digital solutions - continue to accelerate this decline in demand. The decline in the overall demand for certain of the products we sell has materially adversely impacted our business and results of operations, and we expect it will continue to do so.

Our school and technology accessories businesses are seasonal, which has impacted, and may in the future impact, our ability to accurately forecast our operating results, and working capital requirements.

Historically, each of our segments has demand that varies based on certain seasonal drivers related to the product categories it sells as discussed in "Part I, Item 1. Business - Seasonality" of this report.

As a result of this seasonality, our inventory and working capital needs fluctuate significantly throughout the year. In addition, our customers often change their order patterns for peak seasons, making forecasting of production schedules and inventory purchases more challenging. These fluctuations have impacted our ability to accurately forecast our inventory and working capital needs as well as our operating results. When we are unable to accurately forecast and prepare for customer orders or our working capital needs, or if there is a downturn in business or economic conditions during these periods, our business, results of operations, liquidity and financial condition have been, and in the future could be, adversely affected. Additionally, because of these quarterly fluctuations, comparisons of our operating results across different fiscal quarters may not be meaningful.

results of operations, liquidity and financial condition have been, and in the future could be, adversely affected. Additionally, because of these quarterly fluctuations, comparisons of our operating results across different fiscal quarters may not be meaningful.

The level of investment returns on pension plan assets and the assumptions used for valuation purposes have affected the Company's earnings and could affect the Company’s earnings and cash flows in future periods. Changes in government regulations, as well as the significant unfunded liabilities, including the unfunded liabilities of the U.S. multi-employer pension plan in which we are a participant, could also affect the Company’s pension plan expenses and funding requirements.

As of December 31, ~~2024~~2025, the Company had $~~121~~122.28 million recorded as pension liabilities in its Consolidated Balance Sheet. Funding obligations are determined by government regulations and are measured each year based on the value of assets and liabilities on a specific date. When the financial markets do not provide the long-term returns that are expected, or discount rates increase the present value of liabilities, the Company has been, and in the future could be, required to make larger contributions and/or record higher non-cash expenses related to its pension liabilities. The markets can be very volatile, and therefore the Company’s estimate of future contribution requirements and/or non-cash expenses can change dramatically in relatively short periods of time. Similarly, changes in interest rates and legislation enacted by governmental authorities can impact the timing and amounts of contribution requirements and/or non-cash expenses. An adverse change in the funded status of our pension plans could significantly increase our required future contributions and/or non-cash expenses and adversely impact our liquidity.

We also participate in a multi-employer pension plan for our union employees at our Ogdensburg, New York facility. The plan has reported significant underfunded liabilities and declared itself in critical and declining status. As a result, the trustees of the plan adopted a rehabilitation plan in an effort to forestall insolvency. Our current contributions to this plan (which are not significant) could increase due to the shrinking contribution base resulting from the insolvency or withdrawal of other participating employers, the inability or the failure of withdrawing participating employers to pay their withdrawal liability, lower than expected returns on pension fund assets, and other funding deficiencies. Additionally, if we were to withdraw from the plan, the present value of our withdrawal liability payments could be significant and would be recorded as an expense in our Consolidated Statements of Income and as a liability on our Consolidated Balance Sheets in the first year of our withdrawal. See also "Note 56. Pension and Other Retiree Benefits" to the consolidated financial statements contained in Part II, Item 8. of this report.

Impairment of goodwill and indefinite-lived intangible assets have had, and could in the future have, a material adverse effect on our financial results.

We have approximately $1.2 billion of goodwill and other specifically identifiable intangible assets as of December 31, ~~2024~~2025. During the second quarter of 2024, we recorded a $165.2 million non-cash impairment charge related to goodwill and an indefinite-lived trade name within our Americas reporting unit. This follows a $89.5 million non-cash goodwill impairment charge related to our Americas reporting unit recorded during the fourth quarter of 2023. Future events may occur that could adversely affect the reported value, or fair value, of our goodwill or indefinite-lived intangible assets that would require future impairment charges which would negatively impact our financial results. Such events may include, but are not limited to, strategic decisions made in response to changes in economic and competitive conditions, the impact of the economic environment on our sales and customer base, the unfavorable resolution of litigation, a material adverse change in our relationship with significant customers, or a sustained decline in our stock price. We continue to evaluate the impact of developments from our reporting units to assess whether impairment indicators are present. See also "Note 910. Goodwill and Identifiable Intangible Assets" to the consolidated financial statements contained in Part II, Item 8. of this report.

Our inability to secure, protect and maintain rights to intellectual property could have an adverse impact on our business. In particular, the success and future growth of our ~~gaming~~technology accessories business depends on its ability to license the right to use the trademarks and other intellectual property ofand/or receive certifications as to the ~~major~~compatibility ~~gaming~~of ~~console~~our ~~makers~~technology ~~and~~products ~~video~~with ~~game~~third ~~publishers~~parties.

We consider our intellectual property rights, particularly and most notably our trademarks, ~~and~~ trade names, and software product certifications, but also our patents, trade secrets, trade dress, copyrights, and licensing agreements, to be an important and valuable part of our business. Our failure to obtain or adequately protect our intellectual property rights, or any change in law, limitation or termination of our intellectual property rights by third parties, or other changes that serve to lessen or remove the current legal protections of our intellectual property, may diminish our competitiveness, dilute the value of our brands, cause confusion in the marketplace, and materially impact our sales and profitability.

Our gaming accessories business licenses technology, trademarks and other intellectual property from the three major gaming console manufacturers and numerous video game publishers. ~~Additionally,~~Our ~~our~~audio products are certified compatible with major communication platforms. Our ability to expand our ~~gaming~~technology accessories business into certain new geographies or product types requires that we obtain additional licensing rights and/or certifications from ~~the~~third parties including gaming console manufacturers, ~~and~~ video game publishers and communication software companies and platforms. There can be no assurance that we will be able to obtain these additional licensing rights. The loss, inability to obtain, or non-renewal of one or more of these licenses would, in all likelihood, materially and adversely impact our sales, results of operations, and financial condition.

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~~The~~Our ~~integration~~strategy ofis ~~any~~partially ~~acquisition~~based ~~will~~on ~~involve~~growth ~~changes~~through toacquisitions. orFailure ~~implementation of critical information technology systems, modifications~~ to ~~our~~properly ~~internal control systems~~identify, ~~processes~~value and ~~accounting~~manage ~~and financial systems~~acquisitions, and ~~the establishment of disclosure controls and procedures and internal control over financial reporting necessary to meet our obligations as a public company. If we are unable to~~ successfully ~~complete~~integrate ~~these~~them ~~tasks~~may ~~and~~materially ~~accurately~~impact ~~report~~ our ~~financial results in a timely manner and establish internal control over financial reporting and disclosure controls and procedures that are effective, our~~ business, results of operations ~~and financial condition~~, ~~investor, supplier~~ and ~~customer confidence in our reported~~ financial ~~information, market perception of our Company and/or the trading price of our common stock could be materially adversely affected~~condition.

Our strategy is partially based on growth through acquisitions. We may not be successful in identifying suitable acquisition opportunities, prevailing against competing potential acquirers, negotiating appropriate acquisition terms, obtaining financing, or completing proposed acquisitions. In addition, an acquisition may not perform as anticipated, be successfully integrated, be accretive to earnings, or prove to be beneficial to our operations and cash flow. If we fail to effectively identify, value, consummate, or manage any acquired company, we may not achieve the financial results, including cost savings and synergies, anticipated at the time of its acquisition. An acquisition could also adversely impact our operating performance or cash flow due to the issuance of acquisition-related debt, pre-acquisition assumed liabilities, undisclosed facts about the business, expenses incurred to consummate the acquisition, increases in amortization due to the acquisition, or possible future impairments of goodwill or intangible assets associated with the acquisition.

We may face challenges in integrating our acquisitions with our existing operations and expanding the acquired business geographically. These challenges might include our need to rely on third parties to assist with integration efforts - including former owners of these acquired businesses to provide transition services as we migrate these businesses and their employees over to our various information technology platforms, systems, and benefit plans, among others. The process of integrating and expanding operations also could cause an interruption of, or loss of momentum in, the activities of one or more of our businesses due to the considerable time and attention needed for the process. If we are not able to effectively manage the integration process, or if any significant business activities are interrupted as a result thereof, our business and financial results could suffer.

The integration of any acquisition will involve changes to or implementation of critical information technology systems, modifications to our internal control systems, processes and accounting and financial systems, and the establishment of disclosure controls and procedures and internal control over financial reporting necessary to meet our obligations as a public company. If we are unable to successfully complete these tasks and accurately report our financial results in a timely manner and establish internal control over financial reporting and disclosure controls and procedures that are effective, our business, results of operations and financial condition, investor, supplier and customer confidence in our reported financial information, market perception of our Company and/or the trading price of our common stock could be materially adversely affected.

Operational Risks

Failure to successfully implement our restructuring and cost savings initiatives could adversely affect our future results of operations and cash flow.

In January 2024, the Company announced a multi-year restructuring and cost savings program, with anticipated annualized pre-tax cost savings of at least $60 million when fully realized. In 2025, the Company increased its savings target by $40 million, and now anticipates the multi-year program to yield approximately $100 million in annualized pre-tax cost savings by the end of 2026. The program incorporates initiatives to simplify and delayer the Company's operating structure and reduce costs through headcount reductions, supply chain optimization, global footprint rationalization, and better leveraging of the Company's sourcing capabilities. We may not be able to successfully execute these initiatives in a timely manner or realize the anticipated cost savings and operational efficiencies. Failure to implement these initiatives and realize the anticipated cost savings and operational efficiencies as planned could adversely affect our future results of operations and cash flow. Further, the changes to our operating structure, including the leadership changes, have resulted in a significant amount of organization change which, could divert management's attention from other priorities, disrupt the Company's day-to-day operations, and have a negative impact on employee morale and retention. If we are not able to effectively manage the restructuring process our business and financial results could suffer.

Our business, results of operations and cash flow have been, and may continue to be, adversely impacted by disruptions in the global supply chain.

We purchase a majority of the products we sell from suppliers in lower cost countries, primarily in Asia, while manufacturing some products in our own facilities. We also purchase component parts and raw materials for our manufactured products from third parties many of which are also imported from Asia. Additionally, we rely on international freight carriers and domestic trucking and rail lanes to import and distribute products to our customers throughout the world. We have experienced, and could experience, disruptions in our global supply chain due to insufficient freight carrier capacity, port delays and closures, the cost and availability of international and domestic freight carriers, labor shortages, rapidly changing labor policies, and geopolitical unrest. These events as well as further supply chain disruptions could adversely affect our operations, sales, profitability, and cash flow.

Our operating results have been, and continue to be, adversely affected by inflation and changes in the cost or availability of raw materials, transportation, labor and other necessary supplies and services, including the cost of finished goods.

The price and availability of raw materials, transportation, labor, and other necessary supplies and services used in our business, as well as the cost of finished goods, can be volatile due to numerous factors beyond our control, including general economic and competitive conditions, inflation, tariffs and changes in foreign trade policies, supply chain disruptions, supplier business strategies, and political instability, war and other geopolitical tensions.

During periods of inflation and rising costs, we manage this volatility through a variety of actions, including targeted advance or periodic purchases, future delivery purchases, long-term contracts, sales price increases and the use of certain derivative instruments. We have implemented, and may implement in the future, additional price increases if necessary to offset future inflationary and supply-chain related cost increases. Historically, we have not been able to raise prices fast enough to effectively mitigate the adverse impact of these cost increases on our margins and there can be no assurance that we will be able to do so in the future. Additionally, we have lost, and may continue to lose, sales due to increasing our selling prices to our customers. We have also seen customers and consumers purchase lower priced products which generate lower margins due to our price increases and we expect this trend to continue.

~~Outsourcing~~Our ~~the~~operating ~~development~~results ~~and~~have ~~production~~been, ofand ~~certain~~continue ofto ~~our products~~be, ~~our~~adversely ~~information~~affected ~~technology~~by ~~systems~~inflation and ~~other~~changes ~~administrative~~in ~~and~~the ~~finance~~cost ~~functions~~or ~~could~~availability ~~materially~~of ~~adversely~~raw ~~affect~~materials, ~~our business~~transportation, ~~results~~labor ofand ~~operations~~other necessary supplies and ~~financial~~services, ~~condition~~including the cost of finished goods.

WeThe ~~outsource~~price ~~certain product development~~ and ~~manufacturing~~availability ~~functions, such as product design and production, to third-party suppliers. This creates a number~~ of ~~risks,~~raw ~~including decreased control over the engineering and manufacturing processes which can result in cost overruns~~materials, ~~delayed deliveries or shortages~~transportation, inferior product quality, and loss or misappropriation of trade secrets and intellectual property. Additionally, we rely on our suppliers to ensure that our products meet our design and product content specifications, and all applicable laws, including product safety, product compliance, security, labor, ~~sustainability~~ and ~~environmental~~other ~~laws.~~necessary Wesupplies ~~also expect our suppliers to conform to our~~ and ~~our~~services ~~customers’~~used and licensors' codes of conduct and expectations with respect to product safety, product quality, social responsibility and environmental sustainability, and be responsive to our audits and requests for information needed to comply with laws and our customers' expectations. Failure to meet any of these requirements may result in our ~~having to cease doing~~ business ~~with a supplier or cease production at a particular facility~~, ~~stop~~as ~~selling~~well oras ~~recall non-conforming products, or having imported products detained at~~ the ~~port~~cost orof ~~subject~~finished ~~to exclusion or seizure. Substitute suppliers might not be available or~~goods, ifcan ~~available, might~~ be ~~unwilling~~volatile ordue ~~unable~~ to ~~offer~~numerous ~~products~~factors onbeyond ~~acceptable~~our ~~terms~~control, orincluding ingeneral aeconomic ~~timely~~and ~~manner.~~competitive ~~Moreover~~conditions, ~~if one or more of our suppliers is unable or unwilling to continue to provide products of acceptable quality~~inflation, attariffs ~~acceptable~~and ~~cost~~changes or in aforeign ~~timely~~trade ~~manner due to financial difficulties~~policies, ~~insolvency~~supply orchain ~~otherwise, including as a result of~~ disruptions ~~associated with circumstances outside their control~~, orsupplier ifbusiness ~~customer demand for our products increases~~strategies, we may be unable to secure sufficient additional capacity from our current suppliers, or others, in a timely manner or on acceptable terms. Any of these events could result in unforeseen production delays and ~~increased~~political ~~costs and negatively affect our ability to deliver our products to our customers~~instability, ~~all of which could adversely affect our business~~war, ~~sales, results of operations,~~ and ~~financial~~other ~~condition~~geopolitical tensions.

During periods of inflation and rising costs, we manage this volatility through a variety of actions, including targeted advance or periodic purchases, future delivery purchases, long-term contracts, sales price increases, and the use of certain derivative instruments. We have implemented, and may implement in the future, additional price increases if necessary to offset future inflationary and supply-chain related cost increases. Historically, we have not been able to raise prices fast enough to effectively mitigate the adverse impact of these cost increases on our margins and there can be no assurance that we will be able to do so in the future. Additionally, we have lost, and may continue to lose, sales due to increasing our selling prices to our customers. We have also seen customers and consumers purchase lower priced products which generate lower margins due to our price increases and we expect this trend to continue.

Outsourcing the development and production of certain of our products, our information technology systems and other administrative and finance functions could materially adversely affect our business, results of operations, and financial condition.

We outsource certain product development and manufacturing functions, such as product design and production, to third-party suppliers. This creates a number of risks, including decreased control over the engineering and manufacturing processes which can result in cost overruns, delayed deliveries or shortages, inferior product quality, and loss or misappropriation of trade secrets and intellectual property. Additionally, we rely on our suppliers to ensure that our products meet our design and product content specifications, and all applicable laws, including product safety, product compliance, security, labor, sustainability, and environmental laws. We also expect our suppliers to conform to our and our customers’ and licensors' codes of conduct and expectations with respect to product safety, product quality, social responsibility and environmental sustainability, and be responsive to our audits and requests for information needed to comply with laws and our customers' expectations. Failure to meet any of these requirements may result in our having to cease doing business with a supplier or cease production at a particular facility, stop selling or recall non-conforming products, or having imported products detained at the port or subject to exclusion or seizure. Substitute suppliers might not be available, or if available, might be unwilling or unable to offer products on acceptable terms or in a timely manner. Moreover, if one or more of our suppliers is unable or unwilling to continue to provide products of acceptable quality, at acceptable cost or in a timely manner due to financial difficulties, insolvency or otherwise, including as a result of disruptions associated with circumstances outside their control, or if customer demand for our products increases, we may be unable to secure sufficient additional capacity from our current suppliers, or others, in a timely manner or on acceptable terms. Any of these events could result in unforeseen production delays and increased costs and negatively affect our ability to deliver our products to our customers, all of which could adversely affect our business, sales, results of operations, and financial condition.

We also outsource important portions of our information technology infrastructure and systems support to third-party service providers. Outsourcing of information technology services creates risks to our business, which are similar to those created by our product production outsourcing.

In addition, we outsource certain administrative and financial functions, such as payroll processing, ~~and~~ benefit plan administration, and accounts payable and accounts receivable management, to third-party service providers and may outsource other functions in the future to achieve cost savings and efficiencies. If the service providers to whom we outsource these functions do not perform effectively or experience deficiencies or material weaknesses in their internal controls, we may not be able to achieve the expected cost savings and may incur additional costs to correct errors they make. Depending on the function involved, such issues may also lead to business disruption, processing inefficiencies, internal control deficiencies, loss of or damage to intellectual property, legal and regulatory exposure, or harm to employee morale.

Technology and Cybersecurity Risks

We rely extensively on information technology systems to operate, transact and otherwise manage our business. Any material failure, inadequacy, or interruption of that technology or its supporting infrastructure could materially adversely affect our business, results of operations and financial condition.

We rely extensively on our information technology systems, many of which are outsourced to third-party service providers. We depend on these systems and our third-party service providers to effectively manage our business and execute the production, distribution and sale of our products, as well as to manage and report our financial results and run other support functions. Although we have implemented service level agreements and require our third-party providers to validate their internal controls, if applicable, and have established monitoring controls, if our third-party service providers fail to perform their obligations in a timely manner or at satisfactory levels, our business could suffer. Additionally, if one or more of our information technology suppliers is unable or unwilling to continue to provide services at acceptable cost due to financial difficulties, insolvency or otherwise, our business could be adversely affected.

involved, such issues may also lead to business disruption, processing inefficiencies, internal control deficiencies, loss of or damage to intellectual property, legal and regulatory exposure, or harm to employee morale.

Technology and Cybersecurity Risks

We rely extensively on our information technology systems, many of which are outsourced to third-party service providers. We depend on these systems and our third-party service providers to effectively manage our business and execute the production, distribution and sale of our products, as well as to manage and report our financial results and run other support functions. Although we have implemented service level agreements and require our third-party providers to validate their internal controls, if applicable, and have established monitoring controls, if our third-party service providers fail to perform their obligations in a timely manner or at satisfactory levels, our business could suffer. Additionally, if one or more of our information technology suppliers is unable or unwilling to continue to provide services at acceptable cost due to financial difficulties, insolvency, or otherwise, our business could be adversely affected.

Further, our failure to properly maintain and successfully upgrade or replace any of these systems, especially our enterprise resource planning systems, could disrupt our business and our ability to service our customers or negatively impact our ability to report our financial results in a timely and accurate manner.

If our day-to-day business operations or our ability to service our customers is negatively impacted by the failure or disruption of our information technology systems, if we are unable to accurately and timely report our financial results, or if we conclude that we do not have effective internal control over financial reporting and effective disclosure controls and procedures, it could damage our reputation and adversely affect our business, results of operations, and financial condition.

Security breaches could compromise our confidential and proprietary information, as well as any personally identifiable information for which we are responsible, and expose us to operational and legal risks that could cause our business and reputation to suffer and materially adversely affect our results of operations and financial condition.

We maintain information and applications necessary to conduct our business in data centers, on our networks and with third-party cloud services, including confidential and proprietary information, as well as personally identifiable information regarding our customers and employees. Our information technology infrastructure may be vulnerable to attacks by hackers or breached due to employee error, malfeasance or other disruptions which creates the risk that our digital information could be stolen or tampered with or that our business operations could be materially and adversely impacted. This risk is heightened now that most of our office-based employees work remotely several days a week.

We maintain systems designed to prevent and monitor for such intrusion, tampering, and theft, and we continue to enhance and update these technologies as security threats evolve and become more sophisticated. We also obtain assurances from outsourced service providers regarding the sufficiency of their security procedures and, where appropriate, assess the protections employed by these third parties. Despite these efforts, there can be no assurance that we will successfully identify an incident of intrusion, tampering or theft in a timely manner or at all, and in advance of it impacting the Company, and any such impact could be material. Further, our costs to maintain and upgrade our security systems could increase significantly as cybersecurity threats increase.

Despite our efforts to secure and monitor our information technology systems, the possibility of intrusion, tampering, and theft cannot be eliminated entirely. We have from time to time experienced cybersecurity breaches, such as "phishing" attacks, business email compromises, employee or insider error, brute force attacks, unauthorized parties gaining access to our information technology systems, and similar incidents. To date, these incidents have not had a material impact on our business, but there can be no assurance that future incidents will not cause material impacts. The techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently and often are not recognized until launched against a target. Additionally, there can be no assurance that the actions we and our outsourced providers take will prevent a breach of, or attack on the information technology systems that support the day-to-day operation of our business or house our confidential, proprietary and personally identifiable information.

Any such intrusion, tampering or theft (and any resulting disclosure or use of confidential, proprietary or personally identifiable information) could compromise our network, the network or data center of a third-party hosting key operating systems or data, or to whom we have disclosed confidential, proprietary or personally identifiable information or a third-party cloud service provider. Any of these impacts could result in a disruption to our information technology infrastructure, interruption of our business operations, violation of applicable privacy and other laws or standards, a deficiency in our internal control over financial reporting, significant legal and financial exposure beyond the scope or limits of any insurance coverage (including legal claims and proceedings and regulatory enforcement actions and penalties), increased operating costs associated with remediation activities and a loss of confidence in our security measures, all of which could harm our reputation with our customers, end-users, employees and other stakeholders and materially adversely affect our business and results of operations. Contractual provisions with third parties, including cloud service providers, may limit our ability to recover these losses.

be no assurance that future incidents will not cause material impacts. The techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently and often are not recognized until launched against a target. Additionally, there can be no assurance that the actions we and our outsourced providers take will prevent a breach of, or attack on the information technology systems that support the day-to-day operation of our business or house our confidential, proprietary, and personally identifiable information.

Any such intrusion, tampering, or theft (and any resulting disclosure or use of confidential, proprietary or personally identifiable information) could compromise our network, the network or data center of a third-party hosting key operating systems or data, or to whom we have disclosed confidential, proprietary or personally identifiable information or a third-party cloud service provider. Any of these impacts could result in a disruption to our information technology infrastructure, interruption of our business operations, violation of applicable privacy and other laws or standards, a deficiency in our internal control over financial reporting, significant legal and financial exposure beyond the scope or limits of any insurance coverage (including legal claims and proceedings and regulatory enforcement actions and penalties), increased operating costs associated with remediation activities and a loss of confidence in our security measures, all of which could harm our reputation with our customers, end-users, employees and other stakeholders and materially adversely affect our business and results of operations. Contractual provisions with third parties, including cloud service providers, may limit our ability to recover these losses.

In the event a significant cybersecurity event is detected, we maintain disclosure controls and procedures that are designed to enable us to promptly analyze the impact on our business, respond expediently, appropriately and effectively and repair any damage caused by such incident, as well as consider whether such incident should be disclosed publicly. The Company also employs technology designed to detect potential incidents of intrusion, tampering and theft before they impact the Company, and we continue to enhance and update these technologies. However, there can be no assurance that we will successfully identify such an incident in a timely manner or at all, and in advance of it impacting the Company, and any such impact could be material.

Failure to successfully implement artificial intelligence in our operations and mitigate the attendant risks could materially adversely affect our business, results of operations, and financial condition.

We use artificial intelligence (“AI”), including generative AI and agentic AI, in various parts of our business. These technologies are complex and rapidly evolving; building them requires significant investment in infrastructure and personnel with no assurance that we will realize the desired or anticipated benefits. If we fail to successfully implement AI in our business operations, it could adversely affect our ability to realize anticipated cost savings and operational efficiencies as planned. Further, our competitors may more successfully incorporate AI into their businesses and products, which could impair our ability to compete effectively and adversely affect our results of operations.

Although we have recently established AI governance practices, including an AI policy, governance body, and review process, there remain risks related to AI accuracy, intellectual property infringement or misappropriation, data privacy, employment practices and cybersecurity, among others. Our ability to manage those risks and respond to new laws and regulations governing the use of AI, new or enhanced governmental or regulatory scrutiny, litigation, data breaches, ethical concerns, negative consumer perceptions of AI, or other complications could also adversely affect our business, brand perception, or financial results. As with many innovations, the use of AI may lead to challenges, concerns and risks we may not be able to predict, especially if our use of AI in our products and operations becomes more important over time.

Liquidity, Capital Resources and Capital Allocation Risks

Our existing borrowing arrangements limit our ability to engage in certain activities. If we are contractually restricted from pursuing activities or transactions that we believe are in our long-term best interests or are unable to meet our obligations under our loan agreements, our business, results of operations, and financial condition could be materially adversely affected.

The terms of our debt agreements limit our ability to engage in certain activities and transactions that may be in our and our stockholders' long-term interests. Among other things, the covenants and financial ratios and tests contained in our debt agreements restrict or limit our ability to incur additional indebtedness, grant certain liens on our assets, issue preferred stock or certain disqualified stock, make restricted payments (including dividends and share repurchases), make investments, sell our assets or merge with other companies, and enter into certain transactions with affiliates. We are also required to maintain specified financial ratios under certain circumstances and satisfy financial condition tests. Our ability to comply with these covenants and financial ratios and tests may be affected by events beyond our control, and we may not be able to continue to meet those covenants, ratios, and tests.

Our debt service obligations require us to dedicate a portion of our cash flow from operating activities to make interest and principal payments on our indebtedness, which reduces the availability of our cash flow to fund working capital, capital expenditures, research and product development efforts, potential acquisitions, and other general corporate purposes. A portion of our outstanding indebtedness bears interest at a floating rate which fluctuates with changes in interest rates.

Our ability to meet our debt obligations, including our financial covenants, and to refinance our existing indebtedness upon maturity, will depend upon our future operating performance, which will be affected by general economic, financial, competitive, regulatory, business, and other factors. Breach of any of the covenants, ratios, and tests contained in the agreements governing our indebtedness, or our inability to pay interest on, or principal of, our outstanding debt as it becomes due, could result in an event of default, in which case our lenders could declare all amounts outstanding to be immediately due and payable. If our lenders accelerate our indebtedness, or we are not able to refinance our debts at maturity, our assets may not be sufficient to repay in full such indebtedness and any other indebtedness that would become due as a result of such acceleration. If we then are unable to obtain replacement financing or any such replacement financing is on terms that are less favorable than the indebtedness being replaced, our liquidity, results of operations, and financial condition would be adversely affected.

We may not continue to pay dividends at historic rates, or at all, or engage in stock repurchases.

We have a history of paying quarterly dividends and engaging in stock repurchase programs; however, any determination to continue to pay cash dividends at recent rates or at all, or repurchase our shares in the market, is contingent on a variety of factors, including our financial condition, results of operations, business requirements, and whether our board of directors' ~~continuing~~determines ~~determination~~ that such dividends or share repurchases are in the best interests of our stockholders and in compliance with all applicable laws and agreements. Under certain circumstances, the terms of our debt agreements limit our ability to return capital to stockholders through stock repurchases, dividends, or otherwise. Pursuant to an amendment to our Credit Agreement in July 2025, the aggregate amount of dividend payments or share repurchases we can make in 2026 is limited to the greater of $40.0 million or 1 percent of our Consolidated Total Assets, see "Note 4. Long-term Debt and Short-term Borrowings" to the consolidated financial statements contained in Part II, Item 8. of this report. There is no assurance that we will continue to make dividend payments or repurchase stock in amounts consistent with prior dividends and stock repurchases, or at all.

1516

to stockholders through stock repurchases, dividends or otherwise. There is no assurance that we will continue to make dividend payments or repurchase stock.

Legal and Regulatory Risks

Product liability claims, recalls or regulatory actions could materially adversely affect our financial results or harm our reputation or brands.

Claims for losses or injuries purportedly caused by one of our products arise in the ordinary course of our business. Litigation or regulatory enforcement actions related to our products, and the associated costs and potential for monetary judgments and penalties could have an adverse effect on our results of operations and financial condition. Additionally, product liability claims or regulatory actions, regardless of merit, could result in negative publicity that could harm our reputation in the marketplace or the value of our brands. We also may be, and in the past have been, required to recall and discontinue the sale of allegedly defective or unsafe products, which has resulted in lost sales and unplanned expenses. Any future recall or quality issue could result in lost sales, adverse publicity, and significant expenses, and adversely impact our results of operations or financial condition.

Litigation or legal proceedings could expose us to significant liabilities and damage our reputation.

We are party to various lawsuits and regulatory proceedings, ~~primarily related to alleged patent infringement,~~ as well as other claims incidental to our business. In addition, we may be unaware of third-party claims of intellectual property infringement relating to our technology, brands, or products, and we may face other claims related to business operations. Any litigation regarding patents or other intellectual property could be costly and time-consuming and might require us to pay monetary damages or enter into costly license agreements. As an example, for the past nine years we have been involved in patent litigation regarding computer security locks. While we expect to prevail in the proceeding, we have incurred millions of dollars in litigation costs and might be obligated to pay millions more in damages should we not prevail. We also may be subject to injunctions against development and sale of certain of our products.

It is the opinion of management that ~~(other than~~ the ~~Brazil Tax Assessments described below) the~~ ultimate resolution of currently outstanding litigation and claims will not have a material adverse effect on our financial condition, results of operations or cash flow. However, there is no assurance that we will ultimately be successful in our defense of any of these matters or that an adverse outcome in any matter will not affect our results of operations, financial condition, or cash flow. Further, future claims, lawsuits and legal proceedings could materially adversely affect our business, reputation, results of operations, and financial condition.

In connection with our May 1, 2012 acquisition of the Mead Consumer and Office Products business, we assumed all of the tax liabilities for its acquired foreign operations, including its operating entity in Brazil ("ACCO Brazil"). In December of 2012, the Federal Revenue Department of the Ministry of Finance of Brazil ("FRD") issued a tax assessment against ACCO Brazil, challenging the tax deduction of goodwill from ACCO Brazil’s taxable income for the year 2007 (the "First Assessment"). A second assessment challenging the deduction of goodwill from ACCO Brazil’s taxable income for the years 2008, 2009 and 2010 was issued by FRD in October 2013 (the "Second Assessment" and together with the First Assessment, the "Brazil Tax Assessments"). ACCO Brazil continues to dispute both of the Brazil Tax Assessments. If the FRD’s initial position is ultimately sustained, payment of the amount assessed would materially adversely affect our cash flow in the year of settlement. For additional details regarding the Brazil Tax Assessments, see "Note 11. Income Taxes – Brazil Tax Assessments" to the consolidated financial statements contained in Part II, Item 8. of this report.

Additional tax liabilities stemming from our global operations and changes in tax legislation, regulation and tax rates have, and may continue to, adversely affect our financial results.

We face a variety of risks of increased future taxation on our earnings as a corporate taxpayer in the countries in which we have operations. Moving funds between countries can also produce adverse tax consequences. In addition, since our operations are global, we can face challenges in effectively gaining a tax benefit for costs incurred in one country that benefit our operations in other countries. Changes in tax legislation or tax rates may occur in one or more jurisdictions in which we operate that may materially impact the cost of operating our business.

in other countries. Changes in tax legislation or tax rates may occur in one or more jurisdictions in which we operate that may materially impact the cost of operating our business.

In addition, the potential exists for significant legislative policy change in the taxation of multinational corporations, as has recently been the subject of the “Pillar One” and “Pillar Two” initiatives of the Organization for Economic Co-operation and Development, the European Union Anti-Tax Avoidance Directives, and legislation inspired or required by those initiatives. It is also possible that some governments will make significant changes to their tax policies in response to factors such as budgetary needs, feedback from the business community and the public view on applicable tax planning activities. Further, interpretations of existing tax law in various countries may change due to the regulatory and examination policies of the tax authorities and the decisions of courts.

Adverse or unanticipated tax consequences can negatively impact our performance. We are uncertain as to the ultimate results of these potential changes or what their effects will be on our business.

~~For additional information on the impact of recent changes in tax legislation, see "Note 11. Income Taxes" to the consolidated financial statements contained in Part II, Item 8. of this report.~~17

~~Laws,~~For ~~rules~~additional ~~and~~information ~~regulations~~on ~~and~~the ~~self-regulatory~~impact ~~requirements~~of ~~that~~recent ~~affect~~changes ~~our~~in ~~business~~tax legislation, ~~including~~see ~~the~~"Note ~~costs~~12. ofIncome ~~compliance,~~Taxes" asto ~~well as~~ the ~~impact~~consolidated offinancial ~~changes~~statements contained in ~~such~~Part ~~laws~~II, ~~could~~Item ~~materially~~8. ~~adversely affect our business, reputation and results~~ of ~~operations~~this report.

Laws, rules and regulations and self-regulatory requirements that affect our business, including the costs of compliance, as well as the impact of changes in such laws, could materially adversely affect our business, reputation, and results of operations.

We are subject to national, state, provincial and/or local laws, rules and regulations, as well as self-regulatory requirements, in numerous countries due to the nature of our operations and the products we sell, including:

•

Laws and regulations applicable to U.S. public companies with securities listed on the New York Stock Exchange;

•

Delaware corporate law and laws relating to corporate governance;

•

International trade laws, including tariffs, trade sanctions, and embargoes;

•

Tax laws;

•

Privacy and data security laws and self-regulatory requirements regarding the acceptance, processing, storage and transmission of credit card data;

•

Anti-bribery, anti-corruption, and anti-money laundering laws;

•

Laws governing fair competition and marketing and advertising, including laws and regulations regarding "green" claims; ~~and~~

•

Environmental laws, including laws relating to the use, discharge and emission of certain materials (including hazardous substances), waste disposal, GHG emissions and other discharges to air, soil, and water;

•

Extended producer responsibility laws, that impose taxes on producers of various affected products and packaging, including those made of paper, plastic and rubber; to fund recycling programs, resulting in increases in our product costs;

•

Laws governing the toxic chemicals and materials in the products we sell, including PFAS;

•

Product safety laws; and

•

Laws relating to the environmental sustainability of our operations and our products and packaging, the health and safety of our employees and the protection of human rights in our supply chain, including:

laws mandating reporting obligations, including deforestation disclosures, and

extended producer responsibility laws and plastic or packaging taxes, and

laws establishing minimum recycled content requirements, governing labeling related to recyclability, and restricting or banning the use of certain materials in products or packaging, including single-use plastics (collectively “Sustainability Laws”);

All of these legal frameworks are complex and change frequently. Moreover, the requirements of these and other laws can vary significantly from jurisdiction to jurisdiction. Additionally, these laws and regulations are evolving rapidly, especially environmental laws, extended producer responsibility laws, Sustainability Laws, and laws governing "green" marketing claims, and may become more stringent over time, which could result in significant additional operating and compliance costs as well as increased risks of non-compliance. Further, the lack of harmonized regulatory requirements and reporting frameworks requires us to navigate myriad different requirements further increasing the cost and complexity of compliance and the risks of non-compliance. Failure by us to promptly and accurately meet these expectations and requirements may expose us to reputational and brand damage, regulatory penalties, and litigation among other things.

time, which could result in significant additional operating and compliance costs as well as increased risks of non-compliance. Further, the lack of harmonized regulatory requirements and reporting frameworks requires us to navigate myriad different requirements further increasing the cost and complexity of compliance and the risks of non-compliance. Failure by us to promptly and accurately meet these expectations and requirements may expose us to reputational and brand damage, regulatory penalties and litigation among other things.

In addition, when we expand our business into new markets and into new product categories, we increase the number of legal and self-regulatory requirements with which we are required to comply, which increases the complexity and costs of compliance, as well as the risks of non-compliance. Any significant increase in our costs to comply with applicable legal and self-regulatory requirements, or any liability arising from non-compliance, could have a material adverse effect on our business, results of operations, and financial condition.

We are tracking and taking actions to comply with all of these laws and regulations; however, we cannot currently assess the impact that future requirements as well as regulation changes and enforcement practices will have on our business results of operations and financial condition.

Changes in trade policy and regulations in the United States and other countries, including changes in trade agreements and the imposition of tariffs, and the resulting consequences, are likely to adversely impact on our business, results of operations and financial condition.

The U.S. government has instituted or proposed changes to international trade policy through the renegotiation, and potential termination, of certain existing bilateral or multilateral trade agreements and treaties with, and the imposition of tariffs on a wide range of products and other goods from China, Canada, Europe and other countries. A significant number of the products we sell and certain raw materials we use in our domestic production facilities are sourced from China and Southeast Asia and we optimize our supply chain by, in some cases, consolidating inventories in the U.S. As a result, changes in trade policies and regulations in the United States or other countries present particular risks for us. We are constantly evaluating our manufacturing and distribution footprint globally, including beyond Asia, to manage and mitigate these risks.

New or increased tariffs are expected to adversely affect our source of supply and increase our operating costs. There also are risks associated with retaliatory tariffs that are implemented in response to these tariffs, and resulting trade wars. We cannot predict future trade policy and regulations in the United States and other countries, the terms of any renegotiated trade agreements or treaties, or tariffs and their impact on our business. A trade war could have a significant adverse effect on world trade and the world economy and increase the volatility of currency exchange rates. To the extent that tariffs and other trade restrictions imposed by the United States or other countries increase the price of, or limit the amount of, our products or components or materials used in our products imported into the United States or other countries, or create adverse tax consequences, the sales, cost or gross margin of our products are likely to be adversely affected and the demand from our customers for products and services may be diminished. Uncertainty surrounding international trade policy and regulations as well as disputes and protectionist measures could also have an adverse effect on consumer confidence and spending. If we deem it necessary to alter all or a portion of our activities or operations in response to such policies, agreements or tariffs, our capital and operating costs may increase.

Our ongoing efforts to address these risks may not be effective and may have long-term adverse effects on our operations and operating results. Such efforts may also take time to implement or to have an effect and may result in adverse quarterly financial results or fluctuations in our quarterly financial results. As a result, changes in trade policy and regulations in the United States and other countries as well as changes in trade agreements and tariffs are likely to adversely affect our business, results of operations and financial condition.

Changes in trade policy and regulations in the United States and other countries, including the imposition of tariffs and changes in trade agreements, and the resulting consequences, as well as the ongoing uncertainties related to future tariffs and trade policy, have, and are likely to continue to, adversely impact our business, results of operations, and financial condition.

The U.S. government has implemented tariffs (including reciprocal tariffs) on a wide range of products and other goods from many countries, including China, and is considering additional tariffs and further changes to international trade policy. Other countries, including Canada, have implemented retaliatory tariffs in response to the new U.S. tariffs. A significant number of the products we sell and certain raw materials we use in our U.S. production facilities are sourced from China, Vietnam, and other impacted countries, and we optimize our North American supply chain by, in some cases, consolidating inventories in the U.S. The existing tariffs have had, and are likely to continue to have an adverse impact on our business and operating results which may be material. In addition, the current uncertainty surrounding international trade policy and regulations as well as trade disputes and tensions between the U.S. and its trading partners has had, and is likely to have, an adverse effect on business and consumer confidence and spending which is affecting, and we expect will continue to affect, the demand for our products. We are constantly monitoring the tariffs and other changes and adjusting our manufacturing and distribution footprint globally to manage and mitigate these risks. In addition, we are implementing price increases as appropriate.

We cannot predict future trade policy and regulations in the U.S. and other countries or their impact on our business. There remains significant uncertainty regarding these policies and regulations, including whether and when further tariffs will be implemented or the tensions between the U.S. and its trading partners will worsen. Our ongoing efforts to address these risks may not be sufficient or effective, may take time to implement, and may have long-term adverse effects on our business and operating results. As a result, new or increased U.S. tariffs and other changes in global trade policies and regulations, and the continued uncertainty, are likely to have an adverse impact on our business, results of operations and financial condition which may be material.

General Risk Factors

Our success depends on our ability to attract and retain qualified personnel.

Our success depends on our ability to attract and retain qualified personnel at all levels and maintain a diverse, global workforce. Our ability to provide competitive total rewards packages and an attractive culture remain key indicators for success in attracting and retaining talent. Talent development and succession planning have emerged as key activities to guard against the risk of key management personnel retirements and new capability requirements to successfully implement our business strategy.

Our stock price is volatile.

The market price for our common stock has been volatile historically. Our stock price may be significantly affected by factors, including those described elsewhere in this "Part I, Item 1A. Risk Factors," as well as the following:

•

quarterly fluctuations in our operating results compared with market expectations;

•

investors' perceptions; and

•

changes in financial estimates by us or securities analysts and recommendations by securities analysts.

Volatility in our stock price could adversely affect our business and financing opportunities, which could hurt our operating results and negatively impact our cash flow and financial condition.

Circumstances outside our control, including telecommunication failures, labor strikes, power and/or water shortages, acts of God, public health emergencies, including the occurrence of a pandemic, severe weather conditions, natural disasters, war, terrorism, and other geopolitical incidents have, and in the future could, materially and adversely impact our business, sales, results of operations and financial condition.19

A disruption at one of our suppliers' manufacturing facilities, one of our offices, manufacturing or distribution locations, or elsewhere in our global supply chain due to circumstances outside our control, have, and in the future could, materially and adversely impact our business operations. Such a disruption could occur as a result of any number of events, including but not limited to, a major equipment failure, labor stoppages, transportation failures affecting the supply and shipment of materials and finished goods, unavailability of raw materials, severe weather conditions, natural disasters, civil and geopolitical unrest, fire, explosions, public health emergencies, pandemics, war or terrorism, and disruptions in utility and other services. Any such future disruptions could materially and adversely impact our business, sales, results of operations, and financial condition.

Political instability, civil unrest, war or terrorism, public health crises, pandemics, or other public health emergencies, and severe weather or natural disasters may also affect consumer and business confidence and the health of the economies in the countries in which we operate. Overall, adverse changes in economic conditions or sustained periods of economic uncertainty or weakness in one or more of the geographic markets in which we operate, whatever the cause, have negatively affected our historical sales and profitability, and in the future could have an adverse effect on our sales, business, results of operations, cash flow, and financial condition.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Risk Management and Strategy

The Company recognizes the importance of maintaining cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. Our cybersecurity risk management is included within our overall enterprise risk management program.

We have implemented a risk-based cybersecurity program to identify, assess, prioritize and manage risks from cybersecurity threats. Our efforts are designed to maintain the confidentiality, integrity and availability of our information and operational technology systems and data stored on those systems. In general, we seek to address cybersecurity risks through a risk-based, cross-functional approach that is focused on preserving the confidentiality, security and availability of our information and information systems, and to mitigate and respond effectively to cybersecurity incidents and threats. As appropriate, the Company engages external parties, including consultants, legal counsel and audit firms to enhance its cybersecurity oversight and assist with incident response. Our cybersecurity program includes:

Technical Safeguards

We deploy technical safeguards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and endpoint detection and response systems, regular monitoring and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence.

Security Policy and Requirements

We have an Information Security Policy that details the overall risk-based framework and governance for the management and security of our information technology assets and information. The policy applies to everyone who accesses our data or information resources, including third parties we engage.

Cybersecurity Roadmap and Risk Assessment

We have a cybersecurity roadmap that provides a framework for prioritizing and managing our ongoing cybersecurity program. We conduct periodic risk assessments based on the National Institute of Standards and Technology ("NIST") cybersecurity framework to identify and assess our cybersecurity risks, vulnerabilities and information security maturity assessments to evaluate the maturity stage of the overall cybersecurity program. The results of these assessments are reported to the Audit Committee of the Board, and we adjust our cybersecurity roadmap, policies, processes, and practices as necessary based on the information provided by these assessments as well as the monitoring, testing, and auditing noted below.

Incident Response and Recovery Planning

We have an established incident response and recovery plan based on the NIST cybersecurity framework. The plan specifies the process for identifying, classifying, documenting, and responding to cybersecurity incidents, including escalation protocols to ensure the involvement of our executive leadership, including our CEO, CFO, CIO, and General Counsel so that decisions regarding the public disclosure and reporting of any incident can be made by executive management in a timely manner.

Third-Party Risk Management

We use a risk-based approach to identify and oversee cybersecurity risks presented by third parties, including vendors and service providers, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. We also obtain assurances from outsourced service providers regarding the sufficiency of their security procedures and, where appropriate, assess the protections employed by these third parties.

Monitoring, Testing and Auditing

We monitor the evolving cybersecurity landscape that could result in new or increased cybersecurity threats. We also engage in the periodic assessment and testing of our policies, standards, processes and practices. These efforts include audits, vulnerability and penetration testing, tabletop exercises, social engineering campaigns, and other internal and external assessments. We evaluate the effectiveness of our information technology-related internal controls annually.

Education and Awareness

The Company regularly conducts mandatory cybersecurity training for its employees, and all new hires are required to take cybersecurity training when they receive their Company computer. Failure to complete the training in a timely fashion results in their system access being suspended until completion. Management also regularly conducts "phishing" exercises to test the effectiveness of our training programs. The results of these exercises are reported to the Audit Committee. Employees also receive monthly newsletters highlighting cybersecurity developments as well as targeted email messages, as appropriate.

Insurance

The Company maintains cybersecurity insurance coverage in an amount that management believes to be appropriate for the Company's risk profile.

Governance

Audit Committee Oversight

Our Audit Committee oversees the Company's cybersecurity risks. Ms. Dvorak has a certificate in Cybersecurity Oversight from the National Association of Corporate Directors and Mr. Burton is a technology expert with experience in online fraud and cybersecurity. Both Ms. Dvorak and Mr. Burton are members of our Audit Committee.

Our Senior Vice President and Chief Information Officer and our Vice President, Global Infrastructure, Operations, & Cybersecurity, update the Audit Committee regularly regarding the status of ongoing cybersecurity initiatives and strategies and incident reports. They also present information to the Audit Committee regarding management's cybersecurity risk and maturity assessments, including changes to our cybersecurity roadmap as a result of these assessments. This briefing is also posted to the full Board, which also receives quarterly updates through the Audit Committee. In accordance with the Company's policies and incident response plans, based on the severity of the incident, the Audit Committee is notified and briefed. The Board and executive management participate in cybersecurity training and conduct tabletop exercises on a periodic basis.

incident reports. They also present information to the Audit Committee regarding management's cybersecurity risk and maturity assessments, including changes to our cybersecurity roadmap as a result of these assessments. This briefing is also posted to the full Board, which also receives quarterly updates through the Audit Committee. In accordance with the Company's policies and incident response plans, based on the severity of the incident, the Audit Committee is notified and briefed. The Board and executive management participate in cybersecurity training and conduct tabletop exercises on a periodic basis.

Management Oversight

At a management level, our cybersecurity program is led by our Vice President, Global Infrastructure, Operations, & Cybersecurity who oversees a team with extensive knowledge and expertise. He ~~is a Certified Information Security Professional and has over 20 years of cybersecurity experience and~~ reports to our Chief Information Officer, who reports to our Chief Executive Officer. Our Vice President, Global Infrastructure, Operations, & Cybersecurity also chairs our Cybersecurity Management Committee which consists of senior business and functional leaders, including our Chief Information Officer and General Counsel. The Cybersecurity Management Committee is intended to provide cross-functional support for cybersecurity risk management.

Cyber Risks, Threats and Incidents

As a global company servicing customers in over 100 countries, we experience a variety of cybersecurity events and incidents. However, as of the date of this Annual Report on Form 10-K, we are not aware of any cybersecurity incident that has materially affected or is reasonably likely to materially affect our business, strategy, results of operations, or financial condition; though there can be no assurance that a cybersecurity incident that could have a material impact on us will not occur in the future. For further details regarding the cybersecurity risks and uncertainties we face see "Part I, Item 1A. Risk Factors -Technology and Cybersecurity Risks" of this report.

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ITEM 2. PROPERTIES

We have manufacturing facilities in the U.S., Europe, Brazil, Mexico and Australia, and maintain distribution centers in the regional markets we service. We lease our corporate and U.S. headquarters in Lake Zurich, Illinois. The following table lists our other principal facilities by segment as of December 31, ~~2024~~2025:


Location	Functional Use	Owned/Leased (number of properties)
ACCO Brands Americas:
Bauru, Brazil	Distribution/Manufacturing/Office	Owned (2)
Sao Paulo, Brazil	Manufacturing/Office	Leased (2)
Burlingame, California	Office	Leased
Lerma, Mexico	Manufacturing/Office	Owned
Mexico City, Mexico	Office	Owned
Booneville, Mississippi	Distribution/Manufacturing	Owned
Kettering, Ohio	Office	Leased
Alexandria, Pennsylvania	Distribution/Manufacturing	Owned
Woodinville, Washington	Office	Leased
Mississauga, Canada	Distribution/Office	Leased
Hong Kong	Office	Leased
Taipei, Taiwan	Office	Leased

ACCO Brands International:
Sydney, Australia	Distribution/Manufacturing/Office	Owned/Leased (2)
Sint-Niklaas, Belgium	Distribution/Manufacturing	Leased
Shanghai, China	Manufacturing	Leased
Aylesbury, England	Office	Leased
Halesowen, England	Distribution	Owned
Lillyhall, England	Manufacturing	Leased
Saint-Ame, France	Distribution	Owned
Heilbronn, Germany	Distribution	Owned
Stuttgart, Germany	Office	Leased
Uelzen, Germany	Manufacturing	Owned
Gorgonzola, Italy	Distribution/Manufacturing	Leased
Tokyo, Japan	Office	Leased
Auckland, New Zealand	Distribution/Office	Leased
Kozienice, Poland	Distribution/Manufacturing	Owned
Warsaw, Poland	Office	Leased
Singapore	Distribution/Office	Leased (2)
Hestra, Sweden	Distribution/Manufacturing/Office	Owned

We believe that the properties are suitable to the respective businesses and have production capacities adequate to meet the needs of our businesses.

2223

ITEM 3. LEGAL PROCEEDINGS

It is the opinion of management that ~~(other than~~ the ~~Brazil Tax Assessments) the~~ ultimate resolution of currently outstanding matters will not have a material adverse effect on our financial condition, results of operations, or cash flow. However, there is no assurance that we will ultimately be successful in our defense of any of these matters or that an adverse outcome in any matter will not affect our results of operations, financial condition, or cash flow. Further, future claims, lawsuits, and legal proceedings could materially and adversely affect our business, reputation, results of operations and financial condition. For additional details regarding the Brazil Tax Assessments, see "Note 11. Income Taxes – Brazil Tax Assessments" to the consolidated financial statements contained in Part II, Item 8. of this report.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

2324

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Common Stock Information

Our common stock is traded on the New York Stock Exchange ("NYSE") under the symbol "ACCO." As of ~~February~~March 132, ~~2025~~2026, we had approximately 76,~~221~~666 record holders of our common stock.

Stock Performance Graph

The following graph compares the cumulative total stockholder return on our common stock to that of the S&P Office Services and Supplies (SuperCap1500) Index and the Russell 2000 Index assuming an investment of $100 in each from December 31, ~~2019~~2020 through December 31, ~~2024~~2025.

Cumulative Total Return

12/31/19

12/31/20

12/31/21

12/31/22

12/31/23

12/31/24

12/31/20

12/31/21

12/31/22

12/31/23

12/31/24

12/31/25

ACCO Brands Corporation

$100.00

$94100.1377

$9471.8628

$6782.0913

$7775.3100

$7057.6065

Russell 2000

100.00

~~119~~114.9682

~~137~~91.7435

~~109~~106.5982

~~128~~119.14

~~142~~134.9340

S&P Office Services and Supplies(SuperCap1500)

100.00

~~104~~112.3908

~~117~~86.0041

90109.2006

~~113~~121.8549

~~126~~122.8216

2425

Common Stock Purchases

The following table provides information about our purchases of equity securities during the quarter ended December 31, ~~2024~~2025:

Period	Total Numberof SharesPurchased		Average PricePaid per Share		Total Number ofShares Purchased asPart of PubliclyAnnounced Plan orProgram(1)		Approximate DollarValue of Shares thatMay Yet BePurchased Under theProgram(1)
October 1, 2024 to October 31, 2024		478,836	$	5.29		478,836	$	90,645,698
October 1, 2025 to October 31, 2025		—	$	—		—	$	75,645,700
November 1, 2024 to November 30, 2024		—		—		—		90,645,698
November 1, 2025 to November 30, 2025		—		—		—		75,645,700
December 1, 2024 to December 31, 2024		—		—		—		90,645,698
December 1, 2025 to December 31, 2025		—		—		—		75,645,700
Total		~~478,836~~—	$	~~5.29~~—		~~478,836~~—	$	9075,645,~~698~~700

(1)

Remaining value of shares available to be repurchased out of a $100 million share repurchase authorization made by the Board of Directors on August 7, 2019.

During the year ended December 31, ~~2024~~2025, we repurchased 23.92 million of our common stock in the open market.

The number of shares to be purchased, if any, and the timing of purchases will be based on the Company's stock price, leverage ratios, cash balances, general business and market conditions, and other factors, including alternative investment opportunities and working capital needs. The Company may repurchase its shares, from time to time, through a variety of methods, including open-market purchases, privately negotiated transactions and block trades or pursuant to repurchase plans designed to comply with the Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Any stock repurchases will be subject to market conditions, SEC regulations and other considerations, and may be commenced or suspended at any time or from time to time, without prior notice. Accordingly, there is no guarantee as to the number of shares that will be repurchased or the timing of such repurchases. See "Dividends" below for a summary of limitations on our ability to repurchases shares.

Dividends

Dividend information for each quarter for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023 is summarized below:

	2024		2023		2022
	2025		2024		2023
First quarter	$	0.075	$	0.075	$	0.075
Second quarter		0.075		0.075		0.075
Third quarter		0.075		0.075		0.075
Fourth quarter		0.075		0.075		0.075
Total	$	0.300	$	0.300	$	0.300

The continued declaration and payment of dividends is at the discretion of the Board of Directors and will be dependent upon, among other things, the Company's financial position, results of operations, cash flows and other factors. The Company currently believes its capital structure and cash resources can continue to support the funding of future dividends. Our long-term strategy remains to deploy cash to fund dividends, reduce debt, make acquisitions, and repurchase shares of our common stock. Pursuant to an amendment to our Credit Agreement in July 2025, the aggregate amount of dividend payments or share repurchases we can make in 2026 is limited to the greater of $40.0 million or 1 percent of the our Consolidated Total Assets. See "Part I, Item 1A Risk Factors - Liquidity, Capital Resources and Capital Allocation Risks" of this report.

ITEM 6. [RESERVED]

2526

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

INTRODUCTION

Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the consolidated financial statements of ACCO Brands Corporation and the accompanying notes contained in Part II, Item 8. and the relevant risks outlined in Part I, Item 1A. Risk Factors of this report. The following discussion and analysis are for the year ended December 31, ~~2024~~2025, compared with the same period in ~~2023~~2024 unless otherwise stated. For a discussion and analysis of the year ended December 31, ~~2023~~2024, compared with the same period in ~~2022~~2023, please refer to "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included in Part II, Item 7. of our Annual Report on Form 10-K for the year ended December 31, ~~2023~~2024, filed with the Securities and Exchange Commission (the "SEC") on February 2321, ~~2024~~2025.

Overview of the Company

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

~~Effective~~The ~~January 1, 2024, the~~ Company ~~reorganized~~has ~~into~~ two operating segments, ~~the~~ Americas and International. Americas includes the U.S., Canada, Brazil, Mexico, and Chile and International includes EMEA, Australia, New Zealand, and Asia. This reorganization has and will continue to simplify and delayer the Company's operating structure and reduce costs through headcount reductions, supply change optimization, global footprint rationalization, and better leverage of our sourcing capabilities. Prior period results have been reclassified to reflect this change in our operating segments. Each operating segment designs, markets, sources, manufactures and sells recognized consumer, technology, and business branded products used in schools, homes, and at work. Product designs are tailored to end-user preferences in each geographic region, and where possible, leverage common engineering, design, and sourcing.

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

Overview of ~~2024~~2025 Financial Performance

During ~~2024~~2025, the Company was impacted by soft global demand, reflecting weak consumer and business spending due to a weak macroeconomic environment and geopolitical uncertainties. We expect these collective global trends to continue to impact our financial results.

In ~~2024~~2025, our net sales decreased $~~166~~141.65 million, or 98.15 percent, compared to the prior year. Globally, demand was softer for certain office related products. In addition, ~~the decline in~~ sales ~~reflects~~were ~~lower~~impacted ~~back-to-school purchases~~ by ~~our~~tariff ~~customers~~disruptions in ~~our~~the Americas operating segment, ~~as well as the exit of lower margin business,~~ primarily in ~~North America. These declines were partially offset by growth in~~ the ~~technology~~United ~~accessories categories~~States. Gross margin ~~increased~~decreased 7050 basis points compared to the prior-year period, primarily due to the impact of ~~cost~~volume ~~reduction~~declines ~~actions,~~and ~~partly~~tariff ~~offset~~related ~~by the impact of volume declines~~impacts.

26We reported operating income of $92.3 million in 2025 compared to an operating loss of $37.0 million in 2024. The increase was primarily due to the prior year non-cash goodwill and intangible asset impairment charge.

We reported an operating loss of $37.0 million in 2024 compared to operating income of $44.7 million in 2023. The decrease was primarily due to higher non-cash goodwill and intangible asset impairment charges compared to the prior year, partly offset by lower restructuring charges.27

We reported a net ~~loss~~income of $~~101~~41.63 million, or $(10.~~06)~~44 per share, compared to a net loss of $21101.86 million, or $(01.2306) per share in the prior year. The prior year reported net loss reflects ~~higher~~ non-cash goodwill and intangible asset impairment charges and lower benefits from discrete tax items.

Operating cash flows for the year provided cash of $~~148~~68.27 million and $~~128~~148.72 million in ~~2024~~2025 and ~~2023~~2024, respectively. Our seasonal operating cash flow followed our historic pattern of outflow in the first half followed by strong inflows in both quarters of the second half.

~~Consolidated~~Response ~~Results~~to ~~of Operations for the Years Ended December 31, 2024 and 2023~~Tariffs

	Year EndedDecember 31,		Amount of Change
(in millions, except per share data)	2024	2023	$	%/pts
Net sales	$1,666.2	$1,832.8	$(166.6)	(9.1)%
Cost of products sold	1,110.8	1,234.5	(123.7)	(10.0)%
Gross profit	555.4	598.3	(42.9)	(7.2)%
Gross profit margin	33.3 %	32.6 %		0.7	pts
Selling, general and administrative expenses	365.7	393.5	(27.8)	(7.1)%
SG&A% to net sales	21.9 %	21.5 %		0.4	pts
Amortization of intangibles	44.7	43.4	1.3	3.0 %
Restructuring	16.8	27.2	(10.4)	(38.2)%
Impairment of goodwill and intangible assets	165.2	89.5	75.7	84.6 %
Operating (loss) income	(37.0)	44.7	(81.7)	NM
Operating (loss) income margin	(2.2)%	2.4 %		(4.6)	pts
Interest expense	52.6	58.6	(6.0)	(10.2)%
Interest income	(7.5)	(7.1)	(0.4)	5.6 %
Non-operating pension expense	6.1	1.8	4.3	NM
Other (income) expense, net	(0.9)	4.5	(5.4)	NM
Loss before income tax	(87.3)	(13.1)	(74.2)	NM
Income tax expense	14.3	8.7	5.6	64.4 %
Effective tax rate	(16.4)%	(66.4)%		50.0	pts
Net loss	(101.6)	(21.8)	(79.8)	NM
Weighted average number of diluted shares outstanding:	95.6	95.3	0.3	0.3 %
Diluted loss per share	$(1.06)	$(0.23)	$(0.83)	NM
Comparable sales (Non-GAAP)(1)	$1,685.5	$1,832.8	$(147.3)	(8.0)%

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

•

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

•

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

•

Negotiated with suppliers on best terms, and

•

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

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

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


	Year Ended December 31,		Amount of Change
(in millions, except per share data)	2025	2024	$	%/pts
Net sales	$1,524.7	$1,666.2	$(141.5)	(8.5)%
Comparable sales (Non-GAAP)(1)	$1,511.5	$1,666.2	$(154.7)	(9.3)%

Gross profit	500.0	555.4	(55.4)	(10.0)%
Gross profit margin	32.8 %	33.3 %

Selling, general and administrative expenses	346.7	365.7	(19.0)	(5.2)%
Impairment of goodwill and intangible assets	—	165.2	(165.2)	NM
Intangible amortization and other operating expense	61.0	61.5	(0.5)	(0.8)%

Operating income (loss)	92.3	(37.0)	129.3	NM
Operating income (loss) margin	6.1 %	(2.2)%

Interest expense, net	36.4	45.1	(8.7)	(19.3)%
Non-operating pension and other expense, net	6.8	5.2	1.6	30.8 %

Income (loss) before income tax	49.1	(87.3)	136.4	NM
Income tax expense	7.8	14.3	(6.5)	(45.5)%
Effective tax rate	15.9 %	(16.4)%

Net income (loss)	41.3	(101.6)	142.9	NM
Diluted income (loss) per share	$0.44	$(1.06)	$1.50	NM

(1)

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

Net Sales

For the year ended December 31, ~~2024~~2025, net sales decreased $~~166~~141.65 million, or 98.15 percent,. ~~including~~Favorable foreign exchange increased sales by $1913.32 million, or 10.18 percent~~, from adverse foreign exchange~~. Comparable net sales decreased 89.03 percent. The reported sales decline was driven by lower volume, which was down 7$161.0 million or 9.7 percent, primarily due to ~~softer~~lower global ~~business~~demand ~~and~~for consumer ~~demand~~and ~~for~~business ~~certain~~products ~~office~~and tariff-related ~~product categories~~impacts, ~~lower~~partially ~~back-to-school~~offset ~~purchases~~ by ~~our customers in our Americas operating segment, and~~ the ~~exit~~acquisition of ~~lower~~Buro ~~margin~~(for ~~business~~more ~~primarily~~information insee ~~North~~"Note ~~America which accounted for approximately 2~~3.0 ~~percent~~Acquisitions" ofto the ~~decline.~~Consolidated ~~These~~Financial ~~declines~~Statements ~~were~~contained ~~partly~~in ~~offset~~Part byII, ~~growth~~Item in8. ~~the~~of ~~technology~~this ~~accessories categories~~report).

Gross Profit

For the year ended December 31, 2024, gross profit decreased $42.9 million, or 7.2 percent, primarily due to volume declines partly offset by the positive impact of cost reductions, including productivity, product mix and sourcing actions. Gross profit margin improved 70 basis points. Adverse foreign exchange reduced gross profit by $6.2 million, or 1.0 percent.

Selling, General and Administrative Expenses

Selling, general and administrative expenses ("SG&A") include advertising, marketing, selling (including commissions), research and development, customer service, depreciation related to assets outside the manufacturing and distribution processes, and all other general and administrative expenses outside the manufacturing and distribution functions (e.g., finance, human resources, information technology).

For the year ended December 31, 2024, SG&A decreased $27.8 million, or 7.1 percent, primarily due to the impact of global cost reduction actions and lower incentive compensation expense, partly offset by people cost inflation. Favorable foreign exchange reduced SG&A by $2.3 million, or 0.6 percent.

Restructuring Charges

For the year ended December 31, 2024, restructuring charges were $16.8 million compared with $27.2 million in 2023. Restructuring expense in both years primarily relates to severance and other costs associated with our continuing footprint rationalization and cost reduction programs.

Goodwill/Intangible Impairment

For the year ended December 31, 2024, we recorded non-cash impairment charges of $165.2 million related to goodwill and an indefinite-lived trade name, compared to a non-cash goodwill impairment charge of $89.5 million in the prior year. Future events may occur that could further impair our goodwill or indefinite-lived intangible assets.

See "Note 9. Goodwill and Identifiable Intangible Assets" to the consolidated financial statements contained in Part II, Item 8. of this report for more information.

Operating (Loss) Income

For the year ended December 31, 2024, we reported an operating loss of $37.0 million compared to income of $44.7 million in the prior year. The decline was primarily due to higher non-cash impairment charges of $75.7 million and lower gross profit, partly offset by lower SG&A and lower restructuring expenses as noted above. Foreign exchange reduced operating loss $3.3 million, or 7.4 percent.

Interest Expense

For the year ended December 31, 2024, interest expense decreased $6.0 million, primarily due to lower variable interest rates on lower variable debt balances versus the prior year. The weighted average interest rate on $264.7 million of outstanding variable rate debt as of December 31, 2024 decreased to 5.15 percent from 6.38 percent in the prior year.

Non-operating pension expense

For the year ended December 31, 2024, non-operating pension expense was $6.1 million compared to $1.8 million for the year ended December 31, 2023. The increase of $4.3 million was primarily due to a settlement charge of $4.5 million resulting from the wind-up of the ACCO Brands Canada Salaried and Hourly pension plans which was completed in the second quarter of 2024.

~~Other~~Gross ~~(Income)~~Profit ~~Expense, Net~~

For the year ended December 31, ~~2024~~2025, wegross ~~reported~~profit ~~other~~decreased ~~income of~~ $055.94 million, ~~compared~~or to10.0 ~~other~~percent, ~~expense~~primarily ofdue ~~$4.5~~to ~~million~~volume ~~for~~declines, ~~the~~reduced ~~year~~fixed-cost ~~ended December 31~~absorption, ~~2023.~~and ~~The~~impacts ~~current~~from ~~year~~tariffs, ~~income~~partly ~~includes~~offset aby ~~gain~~savings onresulting ~~the~~from ~~sale~~our ofglobal ~~property~~cost ofreduction $1actions.3 ~~million~~Gross ~~partially~~profit ~~offset~~margin bydeclined ~~the~~50 ~~write-off~~basis ofpoints. ~~debt~~Favorable ~~issuance~~foreign ~~costs~~exchange ofincreased ~~$1.0~~gross ~~million.~~profit ~~The~~by ~~prior year included~~ $5.14 million, ofor ~~expense~~1.0 ~~related to exiting certain product lines~~percent.

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

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

Operating Income (Loss)

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

Interest Expense, Net

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

Income Tax Expense

For the year ended December 31, ~~2024~~2025, we recorded income tax expense of $147.38 million on ~~loss~~income before taxes of $8749.31 million. This compared with an income tax expense of $814.73 million on a loss before taxes of $1387.13 million for the year ended December 31, ~~2023~~2024. ~~The~~After ~~increase~~removing the impacts of the 2024 non-cash impairment charges, the decrease in income tax expense versus 2024 was primarily due to ana reduction of income ~~tax~~before ~~benefit~~income ~~from~~tax, the ~~release~~tax ofbenefit ~~certain~~recorded ~~unrecognized~~in ~~tax~~2025 ~~benefits~~from ~~related~~the tosettlement of the Brazil Tax Assessments, inpartially ~~2023~~offset ofby ~~$13.3~~the ~~million~~tax ~~which~~expense ~~did~~for ~~not repeat, partly offset by~~ a ~~reduction~~foreign instatutory ~~pretax~~tax ~~book~~rate ~~income~~change.

See "Note 1112. Income Taxes" to the Consolidated Financial Statements contained in Part II, Item 8. of this report for more information.

Net Loss/Diluted Loss per Share

For the year ended December 31, 2024, net loss was $101.6 million, or $(1.06) per share, compared to $21.8 million, or $(0.23) per share, in the prior year. The increase in the net loss was primarily due to the higher non-cash impairment charges related to our intangible assets.

Segment Net Sales and Operating Income (Loss) ~~Income~~ for the Years Ended December 31, ~~2024~~2025 and ~~2023~~2024

ACCO Brands Americas

	Year EndedDecember 31,						Amount of Change
	Year Ended December 31,						Amount of Change
(in millions)	~~2024~~2025			~~2023~~2024			$			%/pts
Net sales	$	~~999~~894.94		$	~~1,135~~999.79		$	(~~135~~105.85	)		(1210.06	)%
Segment operating (loss) income⁽¹⁾		(45.5	)		43.9			(89.4	)	NM
Comparable sales (Non-GAAP)⁽¹⁾	$	899.0		$	999.9		$	(100.9	)		(10.1	)%
Segment operating (loss) income margin		(4.6	)%		3.9	%					(8.5	)	pts
Segment operating income (loss)⁽²⁾		97.7			(45.5	)		143.2		NM
Comparable sales (Non-GAAP)⁽²⁾	$	1,016.6		$	1,135.7		$	(119.1	)		(10.5	)%
Segment operating income (loss) margin		10.9	%		(4.6	)%					15.5		pts

(1)

Segment operating (loss) income excludes corporate costs. See "Part II, Item 8. Note 17. Information on Operating Segments" for a reconciliation of total "Segment operating (loss) income" to "(Loss) income before income tax."

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

(2)

~~For~~Segment ~~the~~operating ~~year~~income ~~ended~~(loss) ~~December~~excludes ~~31,~~corporate ~~2024, net sales decreased $135~~costs.8 ~~million,~~See or"Part ~~12.0 percent~~II, asItem ~~a result of lower volume of $105~~8.0 ~~million,~~Note ~~or 9~~18.2 ~~percent,~~Information ~~and~~on ~~price~~Operating ~~decreases~~Segments" ~~which reduced sales by $14.0 million, or 1.2 percent. The volume decline was primarily due to softer business and consumer demand~~ for ~~our~~a ~~back-to-school~~reconciliation ~~and office products as well as from the exit~~ of ~~lower~~total ~~margin~~"Segment ~~business~~operating ~~primarily~~income in(loss)" ~~North~~to ~~America~~"Income ~~which~~(Loss) ~~accounted~~before ~~for~~income ~~approximately 3~~tax.~~0 percent. The decline was partly offset by growth in technology accessories. Adverse foreign exchange reduced net sales $16.7 million, or 1.5 percent.~~"

For the year ended December 31, ~~2024~~2025, ~~operating~~net ~~loss~~sales ~~was~~decreased $45105.5 million, ~~compared~~or ~~to operating income of $43~~10.96 ~~million in the prior year~~percent. ~~The~~Adverse ~~operating~~foreign ~~loss~~exchange inreduced ~~the~~net ~~current~~sales ~~year included non-cash intangible asset impairment charges totaling~~ $~~165~~4.26 million, ~~versus~~or ~~$89~~0.5 ~~million~~percent. inComparable ~~the~~net ~~prior~~sales ~~year~~decreased 10.1 percent. The reported sales decline inwas ~~operating~~driven ~~results~~by ~~reflects~~lower ~~the~~volume ~~impact~~which ofwas ~~lower~~down ~~sales~~$98.5 ~~volume~~million, ~~partly~~or ~~offset~~9.9 bypercent, ~~lower~~primarily ~~SG&A~~due ~~and~~to lower ~~restructuring~~demand ~~expenses.~~for ~~The~~consumer ~~lower~~and ~~SG&A~~business ~~reflects~~products, ~~our~~as ~~cost~~well ~~reduction~~as ~~initiatives~~disruptions ~~and~~in ~~reduced~~customer ~~incentive~~purchasing, ~~compensation.~~including ~~Adverse~~cancelled ~~foreign~~or ~~exchange~~delayed ~~reduced~~orders, ~~operating~~due ~~loss~~to ~~$2.8~~uncertainty ~~million~~related orto ~~6.4~~the ~~percent~~tariffs.

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

ACCO Brands International

	Year EndedDecember 31,						Amount of Change
	Year Ended December 31,						Amount of Change
(in millions)	~~2024~~2025			~~2023~~2024			$			%/pts
Net sales	$	~~666~~630.3		$	~~697~~666.13		$	(3036.80	)		(45.4	)%
Segment operating income⁽¹⁾		54.1			49.6			4.5			9.1	%
Comparable sales (Non-GAAP)⁽¹⁾	$	612.5		$	666.3		$	(53.8	)		(8.1	)%
Segment operating income margin		8.1	%		7.1	%					1.0		pts
Segment operating income⁽²⁾		34.2			54.1			(19.9	)		(36.8	)%
Comparable sales (Non-GAAP)⁽²⁾	$	668.9		$	697.1		$	(28.2	)		(4.0	)%
Segment operating income margin		5.4	%		8.1	%					(2.7	)	pts

(1)

Segment operating income excludes corporate costs. See "Part II, Item 8. Note 17. Information on Operating Segments" for a reconciliation of total "Segment operating (loss) income" to "(Loss) income before income tax."

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

(2)

~~For~~Segment ~~the~~operating ~~year~~income ~~ended~~excludes ~~December~~corporate ~~31, 2024, net sales decreased $30~~costs.8 ~~million,~~See or"Part ~~4.4 percent~~II, ~~primarily~~Item ~~due to lower volume of $39~~8.7 ~~million,~~Note ~~or 5~~18.7 ~~percent,~~Information ~~partly~~on ~~offset~~Operating bySegments" ~~price increases which added $11.5 million, or 1.6 percent. The lower volume reflects reduced business and consumer demand~~ for ~~our~~a ~~office~~reconciliation ~~products,~~of ~~partly~~total ~~offset~~"Segment byoperating ~~growth~~income in(loss)" ~~technology~~to ~~accessories.~~"Income ~~Adverse~~(Loss) ~~foreign~~before ~~exchange~~income ~~reduced sales $2~~tax.~~6 million, or 0.4 percent.~~ "

For the year ended December 31, ~~2024~~2025, ~~operating~~net ~~income~~sales ~~increased~~decreased $436.50 million, or 95.14 percent. Favorable foreign exchange increased sales $17.8 million, ~~primarily~~or ~~due~~2.7 topercent. ~~price~~Comparable ~~increases~~net ~~and~~sales ~~cost~~decreased ~~reduction~~8.1 ~~actions,~~percent. ~~partly~~The ~~offset~~reported bysales ~~the~~decline ~~impact~~was ofdriven by lower volume, which was down $62.5 ~~Adverse~~million, ~~foreign~~or ~~exchange~~9.4 percent, primarily due to reduced ~~operating~~demand ~~income~~for business products, partly offset by the benefit of price increases of $08.57 million, or 1.03 percent.

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

Liquidity and Capital Resources

Our primary liquidity needs are to support our working capital requirements, service indebtedness and fund capital expenditures, dividends, stock repurchases and acquisitions. Our principal sources of liquidity are cash flows from operating activities, cash and cash equivalents held and seasonal borrowings under our $467.5 million multi-currency revolving credit facility (the "Revolving Facility"). As of December 31, ~~2024~~2025, there was $~~126~~164.36 million in borrowings outstanding under the

Revolving Facility ($3423.46 million reported in "Current portion of long-term debt" and $91141.90 million reported in "Long-term debt, net"), and the amount available for borrowings was $~~329~~292.63 million (allowing for $1110.6 million of letters of credit outstanding on that date). We had $7464.14 million in cash on hand as of December 31, ~~2024~~2025, and our total available liquidity (cash and availability under our credit facilities) was $356.7 million.

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

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

Debt

The $~~264~~265.79 million of debt currently outstanding under our senior secured credit facilities has a weighted average interest rate of 54.1566 percent as of December 31, ~~2024~~2025 and the $575.0 million outstanding principal amount of our senior unsecured notes due March 2029 ("Senior Unsecured Notes") has a fixed interest rate of 4.25 percent.

~~Our~~Effective ~~Third~~July ~~Amended~~29, ~~and~~2025, ~~Restated~~we entered into an amendment to the Credit Agreement, ~~was~~which, ~~amended~~among byother things, increased our maximum Consolidated Leverage Ratio financial covenant to 4.50x for the ~~seventh~~third ~~amendment~~and ~~effective~~fourth ~~October~~quarters ~~30,~~of ~~2024~~2025, ~~(as~~to ~~amended~~4.75x for the first and second quarters of 2026 and to 4.25x for the third and fourth quarters of 2026. Thereafter, the ~~"Credit~~maximum ~~Agreement")~~Consolidated Leverage Ratio will return to 4.50x for all first and ~~currently~~second ~~provides~~fiscal quarters and 4.00x for aall ~~senior~~third ~~secured~~and ~~credit~~fourth ~~facility~~quarters. In addition, ~~which~~it ~~consists~~modified ofcertain acovenant ~~€184~~baskets related to liens, indebtedness and restricted payments through December 31, 2026.8 ~~million~~The ~~(US~~amendment also required that $~~200~~35.0 million ~~based~~in outstanding principal amount under the term loan facility be repaid on ~~October~~or before September 30, ~~2024~~2025, ~~exchange~~for ~~rates)~~which ~~term~~the ~~loan~~payment ~~facility~~was made as required. Further, ~~and~~the aamendment USrestricts the aggregate amount of dividend payments or share repurchases we can make in 2026 to the greater of $~~467~~40.50 million ~~multi-currency~~or ~~revolving~~1 ~~credit~~percent ~~facility~~of ~~(the~~our ~~"Revolving~~Consolidated ~~Facility")~~Total Assets.

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

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

Consolidated Leverage Ratio	Applicable Rate on Euro/AUD/CDN ~~Dollar~~ Loans	Applicable Rate on Base Rate Loans	Undrawn Fee
> 4.25	2.25 %	1.25 %	0.375 %
> 3.5	2.00 %	1.00 %	0.350 %
> 2.5	1.75 %	0.75 %	0.300 %
≤ 2.5	1.50 %	0.50 %	0.250 %

As of December 31, ~~2024~~2025, the applicable rate on Euro, Australian and Canadian dollar loans was 2.0025 percent and the applicable rate on Base Rate loans was 1.0025 percent. Undrawn amounts under the Revolving Facility are subject to a commitment fee rate of 0.25 percent to 0.375 percent per annum, depending on the Company's Consolidated Leverage Ratio. As of December 31, ~~2024~~2025, the commitment fee rate was 0.35375 percent. Pursuant to the July 29, 2025 amendment to the Credit Agreement, pricing is fixed at Tier 1 (>4.25x) until December 31, 2026.

Financial Covenants

The ~~current~~Company ~~financial~~is ~~covenants~~required ~~under~~to comply with the ~~Credit~~maximum ~~Agreement~~Consolidated ~~are~~Leverage asRatio ~~follows:~~covenant described above and a minimum Interest Coverage Ratio covenant. As of December 31, 2025, our Consolidated Leverage Ratio was approximately 4.13 to 1.00 versus our maximum covenant of 4.50 to 1.00. Our Interest Coverage Ratio was approximately 5.51 to 1.00 versus the minimum covenant of 3.00 to 1.00.

Minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 3.00:1.00; and

Maximum Consolidated Leverage Ratio financial covenant for all first and second fiscal quarters is 4.50x dropping to 4.00x for all third and fourth fiscal quarters.

As of December 31, 2024, our Consolidated Leverage Ratio was approximately 3.38 to 1.00 versus our maximum covenant of 4.00 to 1.00. Our Interest Coverage Ratio was approximately 5.35 to 1.00 versus the minimum covenant of 3.00 to 1.00.

Other Covenants and Restrictions

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

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

also establishes limitations on the aggregate amount of Permitted Acquisitions and Investments (each as defined in the Credit Agreement) that the Company and its subsidiaries may make during the term of the Credit Agreement.

As of and for the periods ended December 31, 2024 and December 31, 2023, the Company was in compliance with all applicable loan covenants under the Credit Agreement and the Senior Unsecured Notes.

Guarantees and Security

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

For further information, see "Note 34. Long-term Debt and Short-term Borrowings" to the consolidated financial statements contained in Part II, Item 8. of this report.

Restructuring

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

During 2024, the Company announced a multi-year restructuring and cost savings program, with currently anticipated annualized pre-tax cost savings of ~~at least $60.0 million when fully realized. Given the macro uncertainties, the Company has increased its savings target by $40.0 million and now anticipates the multi-year program to yield~~ approximately $100.0 million ~~in annualized savings~~ by the end of 2026. The program incorporates initiatives to simplify and delayer the Company's operating structure and reduce costs through headcount reductions, supply chain optimization, global footprint rationalization, and better leveraging the Company's sourcing capabilities. Since inception, the Company has realized over $60.0 million in pre-tariff savings.

During the year ended December 31, ~~2024~~2025, the Company recorded $1621.86 million in restructuring expenses: $67.57 million of restructuring expense for our Americas segment; $614.91 million for our International segment; and $30.42 million ~~for~~credit from the release of reserves within Corporate. Restructuring charges in ~~2024~~2025 were primarily for severance costs related to cost reduction initiatives.

For further information, see "Note 1011. Restructuring" to the consolidated financial statements contained in Part II, Item 8. of this report.

Cash Flow for the Years Ended December 31, 2024 and 2023

During the year ended December 31, 2024, our cash and cash equivalents increased $7.7 million compared to an increase of $4.2 million during the prior year. The following table summarizes our cash flows for the periods presented:

	Year Ended December 31,
(in millions)	2024			2023			Amount of Change
Net cash flow provided by:
Operating activities	$	148.2		$	128.7		$	19.5
Investing activities		(12.3	)		(11.2	)		(1.1	)
Net (repayments) borrowings		(74.7	)		(87.5	)		12.8
Dividends paid		(28.4	)		(28.5	)		0.1
All other financing		(19.5	)		(1.7	)		(17.8	)
Financing activities		(122.6	)		(117.7	)		(4.9	)
Effect of foreign exchange rate changes on cash and cash equivalents		(5.6	)		4.4			(10.0	)
Net increase in cash and cash equivalents	$	7.7		$	4.2		$	3.5

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

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


	Year Ended December 31,
(in millions)	2025			2024			Amount of Change
Net cash flow provided (used) by:
Operating activities	$	68.7		$	148.2		$	(79.5	)
Investing activities		(9.3	)		(12.3	)		3.0

Net borrowings		(32.3	)		(74.7	)		42.4
Dividends paid		(27.0	)		(28.4	)		1.4
All other financing		(17.4	)		(19.5	)		2.1
Financing activities		(76.7	)		(122.6	)		45.9
Effect of foreign exchange rate changes on cash and cash equivalents		7.6			(5.6	)		13.2
Net (decrease) increase in cash and cash equivalents	$	(9.7	)	$	7.7		$	(17.4	)

Cash Flow from Operating Activities

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

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

Cash provided by operating activities during the twelve months ended December 31, 2023, was driven by inflows of $141.2 million (excluding the non-cash impacts primarily of amortization of intangibles, depreciation, stock-based compensation expense, and non-cash goodwill impairment charges that are included in our net loss). This was partially offset by cash used by trade working capital of $21.1 million, which includes accounts receivable, inventory and accounts payable. In addition, there was a net cash inflow of $8.6 million for all other assets and liabilities.

Cash Flow from Investing Activities

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

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

Cash used by investing activities during the twelve months ended December 31, 2023, was primarily due to capital expenditures partially offset by proceeds of $2.2 million from the sale of our facility in Japan.

Cash Flow from Financing Activities

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

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

~~Cash used by financing activities during the twelve months ended December 31, 2023, was primarily due to debt repayments exceeding borrowings and dividend payments.~~33

Capitalization

The Company had 9290.91 million and 9492.9 million shares of common stock outstanding as of December 31, ~~2024~~2025, and ~~2023~~2024, respectively.

Adequacy of Liquidity Sources

Based on our ~~2025~~2026 business plan and current forecasts, we believe that cash flow from operations, our current cash balance and borrowings available under our Revolving Facility will be adequate to support our requirements for working capital, capital expenditures, dividend payments, share repurchases, and debt service in both the short and long-term. Our future operating performance is dependent on many factors, some of which are beyond our control, including prevailing economic, financial, and industry conditions. For further information on these risks, see "Part I, Item1A. Risk Factors" of this report.

Off-Balance-Sheet Arrangements and Contractual Financial Obligations

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

33Our contractual obligations and related payments by period as of December 31, 2025, were as follows:

Our contractual obligations and related payments by period as of December 31, 2024 were as follows:


(in millions)	2026		2027 - 2028		2029 - 2030		Thereafter		Total
Debt	$	30.8	$	21.6	$	788.5	$	—	$	840.9
Interest on debt(1)		35.7		69.2		9.0		—		113.9
Operating lease obligations(2)		24.7		37.3		25.0		9.7		96.7
Purchase obligations(3)		107.0		9.9		—		—		116.9
Brazil tax assessment(4)		3.0		—		—		—		3.0
Other long-term liabilities(5)		18.0		18.1		18.0		42.6		96.7
Total	$	219.2	$	156.1	$	840.5	$	52.3	$	1,268.1

(1)

(in millions)	2025		2026 - 2027		2028 - 2029		Thereafter		Total
Debt	$	51.3	$	16.0	$	772.4	$	—	$	839.7
Interest on debt(1)		36.5		69.3		42.9		—		148.7
Operating lease obligations(2)		26.2		38.0		24.2		17.8		106.2
Purchase obligations(3)		113.3		5.5		—		—		118.8
Transition Toll Tax(4)		9.6		—		—		—		9.6
Other long-term liabilities(5)		16.0		15.0		14.9		35.8		81.7
Total	$	252.9	$	143.8	$	854.4	$	53.6	$	1,304.7

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

(2)

~~Interest~~For ~~calculated~~further atinformation ~~December~~on 31leases, ~~2024~~see "Note 5. Leases" to the consolidated financial statements contained in Part II, ~~rates~~Item ~~for~~8. ~~variable~~of ~~rate~~this ~~debt~~report.

(3)

For further information on ~~leases,~~purchase obligations see "Note 419. ~~Leases~~Commitments and Contingencies - Unconditional Purchase Commitments" to the consolidated financial statements contained in Part II,. Item 8. of this report.

(4)

~~Purchase~~In ~~obligations~~June ~~primarily~~2025, ~~consist~~we ofagreed ~~contracts~~with ~~and~~the ~~non-cancelable~~Brazilian ~~purchase~~Treasury ~~orders~~to ~~for~~settle ~~raw~~the ~~materials~~Brazil ~~and~~Tax ~~finished~~Assessments ~~goods~~pursuant to an amnesty program. For further information regarding the Brazil Tax Assessments, see "Note 12. Income Taxes – Brazil Tax Assessments" to the consolidated financial statements contained in Part II, Item 8. of this report.

(5)

~~The~~Other ~~U.S.~~long-term ~~Tax~~liabilities ~~Cuts~~consist ~~and~~of ~~Jobs~~estimated ~~Act~~expected ~~requires~~employer ~~companies~~contributions to ~~pay~~pension aand ~~one~~post-~~time~~retirement ~~Transition~~plans ~~Toll~~for ~~Tax~~2026, ~~which~~along iswith ~~payable~~estimated ~~over~~future ~~eight~~payments ~~years~~to these plans that are not paid from assets held in a plan trust.

Other long-term liabilities consist of estimated expected employer contributions to pension and post-retirement plans for 2024, along with estimated future payments to these plans that are not paid from assets held in a plan trust.

Due to the uncertainty with respect to the timing of future cash flows associated with our unrecognized tax benefits at December 31, 2024, we are unable to make reasonably reliable estimates of the period of cash settlement with the respective taxing authorities. Therefore, $20.7 million of unrecognized tax benefits have been excluded from the contractual obligations table above. For further information, see "Note 11. Income Taxes" to the consolidated financial statements contained in Part II, Item 8. of this report.

Critical Accounting Estimates

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

Revenue Recognition

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

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

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

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

Inventories

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

Identifiable Intangible Assets

Identifiable intangible assets are comprised primarily of indefinite-lived and amortizable intangible assets acquired and arising from the application of purchase accounting. Indefinite-lived intangible assets are not amortized but are evaluated at least annually to determine whether the indefinite useful life is appropriate. Our ACCO® trade name has been assigned an indefinite life as we currently anticipate that this trade name will contribute cash flows to ACCO Brands indefinitely. Amortizable intangible assets are amortized over their useful lives ofwhich 5,range 7,from ~~10,~~5 ~~15,~~years 23to or 30 years.

We test indefinite-lived intangibles for impairment annually, during the second quarter, and during any interim period when market or business events indicate there may be a potential adverse impact on a particular intangible. The test may be on a qualitative or quantitative basis as allowed by GAAP. We consider the implications of both external factors (e.g., market growth, pricing, competition, and technology) and internal factors (e.g., product costs, margins, support expenses, and capital investment) and their potential impact on cash flows in both the near and long term, as well as their impact on any identifiable intangible asset associated with the business. Based on recent business results, consideration of significant external and internal factors, and the resulting business projections, indefinite-lived intangible assets are reviewed to determine whether they are likely to remain indefinite-lived, or whether a finite life is more appropriate. In addition, based on events in the period and future expectations, management considers whether the potential for impairment exists.

During the second quarter, we identified a triggering event for our indefinite-lived trade names within our Americas reporting unit indicating that it was more likely than not that an impairment loss had been incurred. The triggering event was a decline in forecasted cash flows within certain product categories. Accordingly, as of May 31, 2024, we completed an impairment assessment, on a quantitative basis, for our indefinite-lived trade names utilizing a relief-from-royalty discounted cash flows approach. The result of our assessment was that the fair value of the Five Star® indefinite-lived trade name did not exceed its carrying value resulting in an impairment charge of $37.7 million. The result of our assessment of the Swingline® and ACCO® indefinite-lived trade names was that the fair value of each exceeded its carrying value and we concluded that no impairment existed.

We believe the assumptions used in our impairment analysis are appropriate and result in reasonable estimates of the implied fair value of each our indefinite-lived trade names. However, given the economic environment and the uncertainties regarding

associated with the ~~impact~~business. Based on ~~our~~recent business results, ~~there~~consideration ~~can~~of besignificant noexternal ~~assurance~~and ~~that~~internal ~~our~~factors, ~~estimates~~ and ~~assumptions~~the resulting business projections, ~~made~~indefinite-lived ~~for~~intangible ~~purposes~~assets ofare ~~our~~reviewed to determine whether they are likely to remain indefinite-lived, ~~intangible~~or ~~impairment~~whether ~~testing,~~a ~~will~~finite ~~prove~~life tois bemore anappropriate. ~~accurate~~In ~~prediction~~addition, ofbased on events in the period and future expectations, management considers whether the potential for impairment exists.

AsWe ofbelieve ~~June~~the 1,assumptions ~~2024,~~used wein ~~changed~~ our ~~Five~~impairment ~~Star®~~analysis are appropriate and ~~Swingline®~~result in reasonable estimates of the implied fair value of each our indefinite-lived trade names. toHowever, ~~amortizable~~given ~~intangible~~the ~~assets~~economic asenvironment ~~they~~and nothe ~~longer~~uncertainties ~~met~~regarding the ~~indefinite-lived~~impact ~~criteria.~~on Weour ~~began~~business, ~~amortizing~~there ~~both~~can ~~trade~~be ~~names~~no onassurance athat ~~straight-line~~our ~~basis~~estimates ~~over~~and aassumptions, ~~life~~made offor 30purposes ~~years~~of asour ofindefinite-lived ~~June~~intangible 1impairment testing, ~~2024~~will prove to be an accurate prediction of the future.

Goodwill

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

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

During the ~~second~~fourth quarter of 2025, we identified triggering events that converged within our Americas and International reporting ~~unit~~units indicating that it was more likely than not that an impairment loss had been incurred. ~~The~~These triggering events ~~included~~include a ~~decline~~sustained shift in ~~forecasted~~product ~~cash~~mix ~~flows~~toward ~~within~~lower-priced ~~specific~~and ~~product~~lower-margin ~~categories~~products in Brazil that began earlier in the year, reduced year-end customer purchasing activity in Europe, and afourth ~~decline~~quarter gaming accessories performing below expectations globally, driven in ~~our~~part ~~stock~~by ~~price~~higher consoles prices reducing consumer demand for related accessories. Accordingly, as of ~~May~~November 3130, ~~2024~~2025, we completed an impairment assessment, on a quantitative basis, of goodwill for both the Americas and International reporting units. The result of our assessment was that the fair value of both the Americas ~~reporting~~and ~~unit did not exceed its carrying value resulting in an impairment charge of $127.5 million. The result of our assessment was that the fair value of the~~ International reporting unit exceeded ~~its~~their respective carrying ~~value~~values and we concluded that no impairment existed for either reporting unit.

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

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

Employee Benefit Plans

We provide a range of benefits to our employees and retired employees, including pension, post-retirement, post-employment, and health care benefits. We record annual amounts relating to these plans based on calculations specified by GAAP, which include various actuarial assumptions, including discount rates, assumed rates of return, mortality rate tables, compensation increases, turnover rates, and health care cost trends. Actuarial assumptions are reviewed on an annual basis and modifications to these assumptions are made based on current rates and trends when it is deemed appropriate. As required by GAAP, the effect of our modifications and unrecognized actuarial gains and losses are generally recorded to a separate component of accumulated other comprehensive income (loss) ("AOCI") in stockholders’ equity and amortized over future periods. We believe that the assumptions utilized in recording our obligations under the plans are reasonable based on our experience. The actuarial assumptions used to record our plan obligations could differ materially from actual results due to changing economic and market

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

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

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

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

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

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

We recognized pension expense of $3.5 million, $7.1 million, and $2.8 million for the years ended December 31, 2025, 2024, and 2023,~~respectively~~ ~~and pension income of $3~~respectively.1 ~~million for the year ended December 31, 2022.~~ Post-retirement income was $0.42 million, $0.34 million, and $0.43 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, respectively. The ~~increase~~decrease in pension expense was primarily due to settlement costs in the prior year and changes in discount rates.

The weighted average assumptions used to determine benefit obligations for the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 were as follows:

	Pension						Post-retirement
	U.S.			International
	2024	2023	2022	2024	2023	2022	2024	2023	2022
	2025	2024	2023	2025	2024	2023	2025	2024	2023
Discount rate	5.74 %	5.07 %	5.10 %	45.80 %	4.28 %	4.52 %	5.24 %	45.82 %	34.8 %
Rate of compensation increase	N/A	N/A	N/A	32.08 %	23.90 %	32.09 %	N/A	N/A	N/A

The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2024, 2023 and 2022 were as follows:

	Pension						Post-retirement
	U.S.			International
	2024	2023	2022	2024	2023	2022	2024	2023	2022
Discount rate	5.0 %	5.1 %	2.9 %	4.2 %	4.5 %	1.8 %	4.8 %	5.0 %	2.4 %
Expected long-term rate of return	8.0 %	7.5 %	6.5 %	6.2 %	6.9 %	4.0 %	N/A	N/A	N/A
Rate of compensation increase	N/A	N/A	N/A	2.9 %	3.0 %	3.0 %	N/A	N/A	N/A

In 2025, we expect pension expense of approximately $3.0 million. and post-retirement income $0.2 million of approximately.

AThe ~~25-basis~~weighted ~~point~~average ~~decrease~~assumptions ~~(0.25~~used ~~percent) in our discount rate assumption would lead~~ to adetermine ~~decrease~~net inperiodic ~~our~~benefit ~~pension~~(income) ~~and~~cost ~~post-retirement~~for ~~expense~~the ofyears ~~approximately~~ended ~~$0.6~~December ~~million~~31, ~~for~~ 2025., A2024 ~~25-basis point change in our long-term rate of return assumption would lead to an increase or decrease in pension~~ and ~~post-retirement~~2023 ~~expense~~were ofas ~~approximately $1.1 million for 2025.~~follows:

Pension and post-retirement liabilities of $117.2 million as of December 31, 2024, decreased from $157.6 million at December 31, 2023. The decrease was primarily due to updated assumptions and foreign exchange, partly offset by cash contributions.


	Pension						Post-retirement
	U.S.			International
	2025	2024	2023	2025	2024	2023	2025	2024	2023
Discount rate - benefit obligation	5.7 %	5.0 %	5.1 %	4.8 %	4.2 %	4.5 %	5.2 %	4.8 %	5.0 %
Discount rate - service cost	N/A	N/A	N/A	4.1 %	4.2 %	4.1 %	5.4 %	5.0 %	5.1 %
Discount rate - interest cost	5.4 %	4.9 %	5.1 %	4.7 %	4.2 %	4.6 %	5.1 %	4.8 %	5.0 %
Expected long-term rate of return	8.0 %	8.0 %	7.5 %	6.3 %	6.2 %	6.9 %	N/A	N/A	N/A
Rate of compensation increase	N/A	N/A	N/A	3.0 %	2.9 %	3.0 %	N/A	N/A	N/A

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

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

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

Income Taxes

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

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

Recently Adopted Accounting Standards

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

SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES

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

We use comparable sales both to explain our results to stockholders and the investment community and in the internal evaluation and management of our business. We believe comparable sales provide management and investors with a more complete understanding of our underlying operational results and trends, facilitate meaningful period-to-period comparisons, and enhance an overall understanding of our past and future financial performance. Comparable sales should not be considered in isolation or as a substitute for, or superior to, GAAP net sales and should be read in connection with the Company's consolidated financial statements presented in accordance with GAAP and contained in Part II, Item 8 of this report.

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

	Comparable Sales - Year Ended December 31, 2024
		Non-GAAP
(in millions)	GAAP Net Sales	Currency Translation	Comparable Sales
ACCO Brands Americas	$999.9	$(16.7)	$1,016.6
ACCO Brands International	666.3	(2.6)	668.9
Total	$1,666.2	$(19.3)	$1,685.5

	Amount of Change - Year Ended December 31, 2024 compared to the Year Ended December 31, 2023
	$ Change - Net Sales
		Non-GAAP
(in millions)	GAAP Net Sales Change	Currency Translation	Comparable Sales
ACCO Brands Americas	$(135.8)	$(16.7)	$(119.1)
ACCO Brands International	(30.8)	(2.6)	(28.2)
Total	$(166.6)	$(19.3)	$(147.3)

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

	% Change - Net Sales
		Non-GAAP
	GAAP Net Sales Change	Currency Translation	Comparable Sales
ACCO Brands Americas	(12.0)%	(1.5)%	(10.5)%
ACCO Brands International	(4.4)%	(0.4)%	(4.0)%
Total	(9.1)%	(1.1)%	(8.0)%

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


	Comparable Sales - Year Ended December 31, 2025
		Non-GAAP

(in millions)	GAAP Net Sales	Currency Translation	Comparable Sales
ACCO Brands Americas	$894.4	$(4.6)	$899.0
ACCO Brands International	630.3	17.8	612.5
Total	$1,524.7	$13.2	$1,511.5


	Amount of Change - Year Ended December 31, 2025 compared to the Year Ended December 31, 2024
	$ Change - Net Sales
		Non-GAAP

(in millions)	GAAP Net Sales Change	Currency Translation	Comparable Sales
ACCO Brands Americas	$(105.5)	$(4.6)	$(100.9)
ACCO Brands International	(36.0)	17.8	(53.8)
Total	$(141.5)	$13.2	$(154.7)


	% Change - Net Sales
		Non-GAAP

	GAAP Net Sales Change	Currency Translation	Comparable Sales
ACCO Brands Americas	(10.6)%	(0.5)%	(10.1)%
ACCO Brands International	(5.4)%	2.7%	(8.1)%
Total	(8.5)%	0.8%	(9.3)%

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to various market risks, including changes in foreign currency exchange rates and interest rate changes. We enter into financial instruments to manage and reduce the impact of these risks, not for trading or speculative purposes. The counterparties to these financial instruments are major financial institutions.

See also "Part I, Item 1A. Risk Factors" of this report.

Foreign Exchange Risk Management

We enter into forward foreign currency contracts to reduce the effect of fluctuating foreign currencies, primarily on foreign inventory purchases and intercompany loans, which create foreign exchange exposure relative to the trading currency of the foreign operating unit. Our primary exposure to currency movements is in the Euro, the Swedish krona, the British pound, the Brazilian real, the Australian dollar, the Canadian dollar, and the Mexican peso. Principal currencies hedged against the U.S. dollar include the Euro, Australian dollar, Canadian dollar, Swedish krona, and British pound. Increases and decreases in the fair market values of our forward contracts are expected to be offset by gains/losses in recognized net underlying foreign currency transactions or loans. Notional amounts of outstanding foreign currency forward exchange contracts were $~~150~~140.52 million and $~~182~~150.5 million at December 31, ~~2024~~2025, and ~~2023~~2024, respectively. The net fair value of these foreign currency contracts was $4.(0.6) million and $~~(0.~~4).0 million at December 31, ~~2024~~2025, and ~~2023~~2024, respectively. At December 31, ~~2024~~2025, a 10-percent unfavorable exchange rate movement in our portfolio of foreign currency forward contracts would have reduced our unrealized gains $1512.03 million. Consistent with the use of these contracts to neutralize the effect of exchange rate fluctuations, such unrealized losses or gains would be offset by corresponding gains or losses, respectively, in the remeasurement of the underlying transactions being hedged. When taken together, we believe these forward contracts and the offsetting underlying commitments do not create material market risk.

For further information related to outstanding foreign currency forward exchange contracts, see "Note 1314. Derivative Financial Instruments" and "Note 1415. Fair Value of Financial Instruments" to the consolidated financial statements contained in Part II, Item 8. of this report.

Interest Rate Risk Management

Amounts outstanding under ~~the~~our ~~Credit~~senior ~~Agreement~~credit facility bear interest at a rate per annum equal to the Euro Rate (with a zero percent floor for Euro borrowings), the Australian BBSR Rate, the Canadian BA Rate or the Base Rate, as applicable and as each such rate is defined in the Credit Agreement, plus an "applicable rate." The applicable rate applied to outstanding Euro, Australian, and Canadian dollar denominated loans and Base Rate loans is based on the Company’s Consolidated Leverage Ratio as follows:

Consolidated Leverage Ratio	Applicable Rate on Euro/AUD/CDN ~~Dollar~~ Loans	Applicable Rate on Base Rate Loans	Undrawn Fee
> 4.25	2.25 %	1.25 %	0.375 %
> 3.5	2.00 %	1.00 %	0.350 %
> 2.5	1.75 %	0.75 %	0.300 %
≤ 2.5	1.50 %	0.50 %	0.250 %

As of December 31, ~~2024~~2025, the applicable rate on Euro, Australian and Canadian dollar loans was 2.0025 percent and the applicable rate on Base Rate loans was 1.0025 percent. Undrawn amounts under the Revolving Facility are subject to a commitment fee rate of 0.25 percent to 0.375 percent per annum, depending on the Company’s Consolidated Leverage Ratio. As of December 31, ~~2024~~2025, the commitment fee rate was 0.35375 percent. Pursuant to the July 29, 2025 amendment to the senior credit facility, pricing is fixed at Tier 1 (>4.25x) until December 31, 2026.

The Senior Unsecured Notes have a fixed interest rate and, accordingly, are not exposed to market risk resulting from changes in interest rates. However, the fair market value of our long-term fixed interest rate debt is subject to interest rate risk. Generally, the fair market value of fixed interest rate debt will increase as interest rates fall and decrease as interest rates rise. In addition, fair market values will also reflect the credit markets' view of credit risk spreads and our risk profile. These interest rate changes may affect the fair market value of our fixed interest rate debt and any decisions we may make to repurchase the Senior Unsecured Notes, but do not impact our earnings or cash flow.

The following table summarizes information about our major debt components as of December 31, 2024, including the principal cash payments and interest rates.

Debt Obligations

	Stated Maturity Date
(in millions)		2025			2026			2027			2028			2029		Thereafter		Total		Fair Value
Long term debt:
Fixed rate Senior Unsecured Notes, due March 2029	$	—		$	—		$	—		$	—		$	575.0		$	—	$	575.0	$	524.7
Fixed interest rate														4.25	%
Euro Senior Secured Term Loan A, due October 2029	$	6.4		$	6.4		$	9.6		$	9.6		$	95.9		$	—	$	127.9	$	127.9
Euro Dollar Senior Secured Revolving Credit Facility, due October 2029	$	—		$	—		$	—		$	—		$	59.1		$	—	$	59.1	$	59.1
U.S. Dollar Senior Secured Revolving Credit Facility, due October 2029	$	34.4		$	—		$	—		$	—		$	—		$	—	$	34.4	$	34.4
Australian Dollar Senior Secured Revolving Credit Facility, due October 2029	$	—		$	—		$	—		$	—		$	32.8		$	—	$	32.8	$	32.8
Average variable interest rate(1)		4.95	%		4.96	%		4.98	%		4.99	%		4.99	%

Rates presented are as of December 31, 2024.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page
Report of Independent Registered Public Accounting Firm (KPMG LLP, Chicago, IL, Auditor Firm ID: 185)	43
Consolidated Balance Sheets	46
Consolidated Statements of Loss	47
Consolidated Statements of Income (Loss)	47
Consolidated Statements of Comprehensive Loss	48
Consolidated Statements of Comprehensive Income (Loss)	48
Consolidated Statements of Cash Flows	49
Consolidated Statements of Stockholders’ Equity	50
Notes to Consolidated Financial Statements	51

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors
ACCO Brands Corporation:

Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheets of ACCO Brands Corporation and subsidiaries (the Company) as of December 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of income (loss), comprehensive income (loss), stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, ~~2024~~2025, and the related notes and financial statement ~~schedule~~Schedule II - Valuation and Qualifying Accounts and Reserves (collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, ~~2024~~2025, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~2024~~2025 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Basis for Opinions

The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally ~~accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that~~

accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

~~Write-down~~Sufficiency of ~~certain~~audit ~~finished~~over ~~goods~~net ~~inventory for obsolete and slow-moving items~~sales

As discussed in ~~Notes~~Note 217 ~~and 7~~ to the consolidated financial statements, the ~~finished~~Company ~~goods~~recognizes ~~inventory~~revenue ~~balance~~when ascontrol of ~~December~~the ~~31,~~promised ~~2024~~goods ~~was~~or ~~$231.2~~services ~~million.~~is ~~The~~transferred ~~Company~~to ~~records~~their ~~inventory~~customers atin ~~the~~an ~~lower~~amount reflective of ~~cost~~the ~~(principally~~consideration ~~first-in,~~they ~~first-out)~~expect orto ~~net~~receive ~~realizable~~in ~~value.~~exchange ~~The write-down of inventory~~ for ~~obsolete~~those ~~and~~goods ~~slow-moving~~or ~~inventory~~services. ~~items~~The ~~(OSMI)~~Company is recorded ~~based~~$1,524.7 onmillion ~~write-down~~of ~~percentages~~net ~~applied~~sales tofor ~~certain~~the ~~finished~~year ~~goods~~ended ~~inventory~~December 31, 2025.

We identified the evaluation of the ~~write-down~~sufficiency of ~~certain~~audit ~~finished~~evidence ~~goods~~over ~~inventory~~net ~~for~~sales ~~OSMI~~ as a critical audit matter,. ~~due~~Evaluating to the sufficiency of audit evidence obtained required especially subjective auditor judgment ~~involved~~because inof ~~evaluating~~ the ~~Company’s~~dispersion ~~estimate~~ of the ~~OSMI~~Company’s ~~write-down,~~net ~~specifically~~sales ~~for~~generating ~~finished~~activities ~~goods~~across ~~inventory~~locations. ~~The~~This ~~key~~included ~~assumption used in~~ determining the ~~OSMI~~Company ~~write-down~~locations ~~was~~at ~~the~~which ~~write-down~~procedures ~~percentages~~were ~~applied to certain finished good inventory~~performed.

The following are the primary procedures we performed to address this critical audit matter. We ~~evaluated~~applied ~~the~~auditor ~~design~~judgment ~~and~~to ~~tested~~determine the ~~operating~~nature ~~effectiveness~~and extent of ~~certain~~procedures ~~internal~~to ~~controls~~be performed over ~~the~~net ~~Company’s~~sales, ~~evaluation~~including the determination of the ~~OSMI~~Company ~~finished~~locations ~~goods~~at ~~inventory~~which ~~write-down~~those ~~process,~~procedures ~~including~~were ~~controls~~to ~~over~~be ~~the~~performed. ~~write-down~~For ~~percentages~~each ~~applied~~Company tolocation ~~certain~~where ~~finished~~procedures ~~good~~were ~~inventory.~~performed, Wewe ~~obtained~~evaluated the ~~OSMI~~design ~~finished~~and ~~goods~~tested ~~inventory~~the ~~write-down~~operating ~~assessment,~~effectiveness ~~and~~of ~~tested~~certain ~~that~~internal controls over the ~~OSMI~~Company’s ~~write-down~~net ~~was~~sales ~~recorded~~processes, ~~based~~including oncontrols over the ~~write~~accurate recording of net sales amounts. For certain locations, we performed software-~~down~~assisted ~~percentages~~data ~~applied~~analyses to ~~certain~~test ~~finished~~relationships ~~good~~among ~~inventory~~certain sales transactions. WeFor ~~compared~~a ~~current~~selection ~~year~~of ~~write-offs~~transactions, ~~and~~we ~~write-down~~compared ~~percentages~~the ~~used~~amounts torecognized ~~the~~for ~~prior~~consistency ~~year~~with ~~OSMI~~underlying ~~reserve~~documentation, ~~and~~including topurchase ~~historical~~order, ~~write-down~~invoice, ~~percentages~~shipping ~~used~~documentation, and cash remittance. We ~~also~~evaluated ~~analyzed~~the asufficiency ~~sample~~ of ~~inventory~~audit ~~items~~evidence toobtained ~~evaluate~~by ~~whether~~assessing the ~~appropriate~~results ~~write~~of ~~down~~procedures ~~percentage~~performed, ~~was~~including ~~applied based on~~ the nature and ~~condition~~extent of ~~the~~such ~~item~~evidence.

Impairment Assessment of Americas Reporting Unit Goodwill and Five Star Trade Name Intangible Asset

As discussed in Note 210 ~~and Note 9~~ to the consolidated financial statements, the ~~carrying~~goodwill ~~value~~balance as of ~~the~~December ~~Company's~~31, ~~goodwill~~2025 ~~and~~for ~~amortizable~~the ~~intangible~~Americas ~~assets~~and asInternational ofreporting ~~December~~units ~~31, 2024~~ was $~~446~~254.47 million and $~~652~~223.98 million, respectively. The Company ~~performs~~tests a goodwill for impairment ~~assessment~~at onleast anannually ~~annual basis during the second quarter of each fiscal year~~ and whenever ~~circumstances~~events or ~~other~~changes ~~events~~in ~~occur~~circumstances indicate that ~~would~~the ~~more~~carrying ~~likely~~value ~~than~~may not ~~reduce~~be recoverable. To estimate the fair value of aits reporting ~~unit below its carrying amount. During the second quarter of 2024~~units, the Company ~~identified~~used a ~~triggering~~combination ~~events and performed a quantitative assessments as~~ of ~~May 31, 2024 and concluded that~~ the ~~goodwill~~discounted ~~specific~~cash toflows ~~the Americas reporting unit~~ and ~~the~~market ~~Five Star trade name were impaired by $127.5 million and $37.7 million, respectively. As of June 1, 2024, the Company~~ approach

~~changed~~We identified the ~~Five~~evaluation ~~Star~~of ~~indefinite-lived~~the ~~trade~~recoverability ~~name~~of tothe ancarrying ~~amortizable~~value ~~intangible~~of ~~asset~~goodwill for the Americas and International reporting units as ita nocritical ~~longer~~audit ~~met~~matter. Subjective auditor judgment was required to evaluate certain assumptions used in the ~~indefinite-lived~~determination ~~criteria~~of the fair value of the Americas and International reporting units, including forecasted revenues, market multiples, and the discount rates because they were based on determinations of future market and economic conditions. Changes to these assumptions could have had a significant effect on the Company’s assessment of the fair value of the Americas and International reporting units. Additionally, involvement of professionals with specialized skill and knowledge was required to assess the market multiples and the discount rates and evaluate evidence obtained.

WeThe ~~identified~~following ~~the~~are ~~evaluation of~~ the ~~recoverability~~primary ofprocedures ~~the~~we ~~carrying~~performed ~~value~~to ofaddress ~~goodwill~~this ~~for~~critical ~~the~~audit ~~Americas~~matter. ~~reporting~~We ~~unit~~evaluated ~~and~~ the ~~Five~~design ~~Star~~and ~~trade~~tested ~~name~~the asoperating aeffectiveness ~~critical~~of ~~audit~~certain ~~matter.~~internal ~~Subjective~~controls ~~auditor~~over ~~judgment~~the ~~was~~Company’s ~~required~~goodwill toimpairment ~~evaluate~~assessment ~~certain~~process, ~~assumptions~~including ~~used~~controls inover the ~~determination~~development of the ~~fair~~assumptions ~~value~~described ofabove. We evaluated the ~~Americas~~Company’s ~~reporting~~forecasted ~~unit~~revenues ~~and~~for ~~Five~~the ~~Star~~Americas ~~trade~~reporting ~~name,~~unit ~~including~~by ~~forecasted~~comparing ~~revenues,~~to ~~market~~the ~~multiples,~~growth ~~royalty~~rates ~~rate,~~used ~~and~~in the ~~discount~~Company’s ~~rates~~prior ~~because~~quantitative ~~they~~impairment ~~were~~assessments, ~~based~~historical onoperating ~~determinations~~results, ofcurrent ~~future~~year ~~market~~actual ~~and~~operating ~~economic~~results, ~~conditions.~~forecasted ~~Changes~~information toin ~~these~~external ~~assumptions~~industry ~~could~~reports ~~have~~and ~~had~~leadership acommunications. ~~significant~~We ~~effect~~evaluated on the Company’s ~~assessment~~forecasted ofrevenues ~~the~~for ~~fair value of~~ the ~~Americas~~International reporting unit ~~and~~through ~~the~~historical ~~Five~~operating ~~Star~~results, ~~trade~~current ~~name~~year ~~and~~actual ~~the~~operating ~~amount~~results ofand ~~impairment~~leadership ~~recorded~~communications. ~~Additionally,~~We ~~involvement~~involved ofvaluation professionals with specialized ~~skill~~skills and knowledge ~~was required to assess the market multiples~~, ~~royalty~~who ~~rate,~~assisted ~~and the discount rates and evaluate evidence obtained.~~in:

•

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s goodwill and intangible asset impairment assessment process, including controls over the development of the assumptions described above. We evaluated the Company’s forecasted revenue for the Americas reporting unit, by comparing to the growth rates used in the Company’s prior quantitative impairment assessments, historical operating results, current year actual operating results, forecasted information in external industry reports, leadership communications, and external forecasted inflation rate data. We evaluated the Company's forecasted revenue for the Five Star trade name by comparing to historical growth rates, current year actual operating results, and forecasted growth rate data in external industry reports. We involved valuation professionals with specialized skills and knowledge, who assisted in:

evaluating the Company's market multiples by developing a range of market multiples based on external data for guideline public companies

•

assessing the royalty rate by comparing it to third party licensing agreements

evaluating the Company's discount rates by comparing the Company's inputs to the discount rates to publicly available data for comparable entities and assessing the resulting discount rates

•

testing the estimate of the Americas and International reporting ~~unit~~units' fair ~~value~~values using the respective reporting unit's cash flow assumptions and discount rate, and comparing the result of the Company's fair value estimate for each reporting unit.

testing the estimate of the Five Star trade name fair value using the trade name's forecasted revenue assumptions, royalty rate, and discount rate, and comparing the result to the Company's fair value estimate.

/s/ KPMG LLP

We have served as the Company’s auditor since 2009.

Chicago, Illinois

~~February~~March 219, ~~2025~~2026

ACCO Brands Corporation and Subsidiaries

Consolidated Balance Sheets

	December 31,2024			December 31,2023
	December 31,2025			December 31,2024
(in millions)
Assets
Current assets:
Cash and cash equivalents	$	7464.14		$	6674.41
Accounts receivable less allowances of $16.2 and $22.9, respectively		348.9			430.7
Accounts receivable less allowances of $18.6 and $16.2, respectively		359.7			348.9
Inventories		~~270~~289.41			~~327~~270.54
Other current assets		3837.1			3038.81
Total current assets		~~731~~750.53			~~855~~731.45
Total property, plant and equipment		~~505~~528.54			~~599~~505.65
Less: accumulated depreciation		(~~368~~389.06	)		(~~429~~368.50	)
Property, plant and equipment, net		~~137~~138.58			~~170~~137.15
Right of use asset, leases		8178.0			9181.0
Deferred income taxes		8992.38			~~104~~89.73
Goodwill		~~446~~478.45			~~590~~446.04
Identifiable intangibles, net of accumulated amortization of $460.0 and $429.5, respectively		709.6			815.7
Identifiable intangibles, net of accumulated amortization of $525.6 and $460.0, respectively		696.9			709.6
Other non-current assets		3317.17			1733.91
Total assets	$	2,~~228~~253.40		$	2,~~644~~228.84
Liabilities and Stockholders' Equity
Current liabilities:
Notes payable	$	~~10.5~~—		$	010.25
Current portion of long-term debt		4030.8			3640.58
Accounts payable		~~167~~186.37			~~183~~167.73
Accrued compensation		4330.21			5343.32
Accrued customer program liabilities		7877.51			~~104~~78.05
Lease liabilities		2120.5			2021.5
Other current liabilities		~~128~~120.51			~~143~~128.85
Total current liabilities		~~490~~465.3			~~542~~490.03
Long-term debt, net of debt issuance costs of $5.1 and $6.7, respectively		783.3			882.2
Long-term debt, net of debt issuance costs of $4.1 and $5.1, respectively		806.0			783.3
Long-term lease liabilities		6663.95			7666.89
Deferred income taxes		~~111~~108.98			~~125~~111.69
Pension and post-retirement benefit obligations		117.25			~~157~~117.62
Other non-current liabilities		5227.73			7352.67
Total liabilities		1,~~622~~588.34			1,~~857~~622.83
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized; none issued and none outstanding		—			—
Common stock, $0.01 par value, 200,000,000 shares authorized; 95,581,746 and 98,131,339 shares issued and 90,136,133 and 92,881,008 outstanding, respectively		1.0			1.0
Common stock, $0.01 par value, 200,000,000 shares authorized; 98,131,339 and 99,819,679 shares issued and 92,881,008 and 94,925,652 outstanding, respectively		1.0			1.0
Treasury stock, 5,445,613 and 5,250,331 shares, respectively		(47.9	)		(47.0	)
Treasury stock, 5,250,331 and 4,894,027 shares, respectively		(47.0	)		(45.1	)
Paid-in capital		1,909.4			1,911.8
Paid-in capital		1,911.8			1,913.4
Accumulated other comprehensive loss		(522.6	)		(572.1	)
Accumulated other comprehensive loss		(572.1	)		(526.3	)
Accumulated deficit		(675.3	)		(687.6	)
Accumulated deficit		(687.6	)		(556.0	)
Total stockholders' equity		664.6			606.1
Total stockholders' equity		606.1			787.0
Total liabilities and stockholders' equity	$	2,253.0		$	2,228.4
Total liabilities and stockholders' equity	$	2,228.4		$	2,644.8

See notes to consolidated financial statements.

ACCO Brands Corporation and Subsidiaries

Consolidated Statements of Income (Loss)

	Year Ended December 31,
(in millions, except per share data)	~~2024~~2025			~~2023~~2024			~~2022~~2023
Net sales	$	1,~~666~~524.27		$	1,~~832~~666.82		$	1,~~947~~832.68
Cost of products sold		1,~~110~~024.87			1,~~234~~110.58			1,~~395~~234.35
Gross profit		~~555~~500.40			~~598~~555.34			~~552~~598.3
Operating costs and expenses:
Selling, general and administrative expenses		~~365~~346.7			~~393~~365.57			~~376~~393.75
Amortization of intangibles		4446.72			4344.47			4143.54
Restructuring		1621.86			2716.28			927.62
Impairment of goodwill and intangible assets		165.2			89.5			98.7
Gain on disposal of assets		(6.8	)		—			—
Change in fair value of contingent consideration		—			—			(9.0	)
Impairment of goodwill and intangible assets		—			165.2			89.5
Total operating costs and expenses		~~592~~407.47			~~553~~592.64			~~517~~553.56
Operating (loss) income		(37.0	)		44.7			34.8
Operating income (loss)		92.3			(37.0	)		44.7
Non-operating expense (income):
Interest expense		5245.68			5852.6			4558.6
Interest income		(79.54	)		(7.15	)		(87.31	)
Non-operating pension expense (income)		6.1			1.8			(4.5	)
Non-operating pension expense		2.5			6.1			1.8
Other (income) expense, net		(0.9	)		4.5			(12.9	)
Other expense (income), net		4.3			(0.9	)		4.5
(Loss) income before income tax		(87.3	)		(13.1	)		14.9
Income (loss) before income tax		49.1			(87.3	)		(13.1	)
Income tax expense		147.38			814.73			288.17
Net loss	$	(101.6	)	$	(21.8	)	$	(13.2	)
Net income (loss)	$	41.3		$	(101.6	)	$	(21.8	)
Per share:
Basic loss per share	$	(1.06	)	$	(0.23	)	$	(0.14	)
Basic income (loss) per share	$	0.45		$	(1.06	)	$	(0.23	)
Diluted loss per share	$	(1.06	)	$	(0.23	)	$	(0.14	)
Diluted income (loss) per share	$	0.44		$	(1.06	)	$	(0.23	)
Weighted average number of shares outstanding:
Basic		9592.61			95.36			95.3
Diluted		9594.60			95.36			95.3

See notes to consolidated financial statements.

ACCO Brands Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

	Year Ended December 31,
(in millions)	~~2024~~2025			~~2023~~2024			~~2022~~2023
Net loss	$	(101.6	)	$	(21.8	)	$	(13.2	)
Net income (loss)	$	41.3		$	(101.6	)	$	(21.8	)
Other comprehensive (loss) income net of tax:
Other comprehensive income (loss) net of tax:
Unrealized gain (loss) on derivative instruments, net of tax (expense) benefit of $(1.1), $0.6 and $1.4, respectively		2.8			(1.8	)		(2.9	)
Unrealized (loss) gain on derivative instruments, net of tax benefit (expense) of $1.1, $(1.1) and $0.6, respectively		(2.8	)		2.8			(1.8	)
Foreign currency translation adjustments, net of tax (expense) benefit of $(1.1), $0.8 and $3.8, respectively		(66.1	)		30.3			(37.9	)
Foreign currency translation adjustments, net of tax benefit (expense) of $1.6, $(1.1) and $0.8, respectively		56.5			(66.1	)		30.3
Recognition of deferred pension and other post-retirement items, net of tax (expense) benefit of $(6.0), $4.7 and $(15.5), respectively		17.5			(14.5	)		36.0
Recognition of deferred pension and other post-retirement items, net of tax benefit (expense) of $0.7, $(6.0) and $4.7, respectively		(4.2	)		17.5			(14.5	)
Other comprehensive (loss) income net of tax:		(45.8	)		14.0			(4.8	)
Other comprehensive income (loss) net of tax:		49.5			(45.8	)		14.0
Comprehensive loss	$	(147.4	)	$	(7.8	)	$	(18.0	)
Comprehensive income (loss)	$	90.8		$	(147.4	)	$	(7.8	)

See notes to consolidated financial statements.

ACCO Brands Corporation and Subsidiaries

Consolidated Statements of Cash Flows

	Year Ended December 31,
(in millions)	~~2024~~2025			~~2023~~2024			~~2022~~2023
Operating activities
Net loss	$	(101.6	)	$	(21.8	)	$	(13.2	)
Net income (loss)	$	41.3		$	(101.6	)	$	(21.8	)
Payments of contingent consideration		—			—			(9.2	)
Gain on disposal of assets		(6.8	)		(1.8	)		(0.3	)
Gain on disposal of assets		(1.8	)		(0.3	)		(3.6	)
Deferred income tax benefit		(3.5	)		(6.9	)		(20.1	)
Deferred income tax benefit		(6.9	)		(20.1	)		1.3
Depreciation		26.6			28.4			32.7
Change in fair value of contingent liability		—			—			(9.0	)
Amortization of debt issuance costs		2.3			2.8			3.0
Depreciation		28.4			32.7			37.9
Amortization of intangibles		46.2			44.7			43.4
Amortization of debt issuance costs		2.8			3.0			2.7
Stock-based compensation		11.5			11.9			14.8
Amortization of intangibles		44.7			43.4			41.5
Loss on debt extinguishment		—			1.0			—
Stock-based compensation		11.9			14.8			9.5
Non-cash charge for impairment of goodwill and intangible assets		—			165.2			89.5
Loss on debt extinguishment		1.0			—			—
Non-cash charge for impairment of goodwill and intangible assets		165.2			89.5			98.7
Changes in operating assets and liabilities:
Accounts receivable		435.32			~~(38~~43.63	)		31(38.6	)
Inventories		381.31			8538.53			2385.25
Other assets		(91.06	)		5.(9.0	)		05.49
Accounts payable		(610.30	)		(686.03	)		(6668.0	)
Accrued expenses and other liabilities		(4142.54	)		18(41.25	)		~~(57~~18.52	)
Accrued income taxes		(2024.34	)		(1520.53	)		(1015.75	)
Net cash provided by operating activities		~~148~~68.27			~~128~~148.72			77128.67
Investing activities
Additions to property, plant and equipment		(1517.9	)		(1315.89	)		(1613.58	)
Proceeds from the disposition of assets		318.67			23.6			7.2.6
Net cash used by investing activities		(12.3	)		(11.2	)		(9.3	)
Cost of acquisitions, net of cash acquired		(10.1	)		—			—
Net cash used by investing activities		(9.3	)		(12.3	)		(11.2	)
Financing activities
Proceeds from long-term borrowings		~~207~~165.01			~~121~~207.90			~~236~~121.79
Repayments of long-term debt		(~~292~~185.51	)		(~~199~~292.25	)		(~~220~~199.52	)
Borrowings (repayments) of notes payable, net		10.8			(10.2	)		0.7
(Repayments) Borrowings of notes payable, net		(12.3	)		10.8			(10.2	)
Payments for debt issuance costs		(21.54	)		—(2.5	)		~~(1.2~~—	)
Dividends paid		(2827.40	)		(28.54	)		(28.65	)
Payments of contingent consideration		—			—			(17.8	)
Repurchases of common stock		(15.1	)		(15.0	)		—
Repurchases of common stock		(15.0	)		—			(19.4	)
Payments related to tax withholding for stock-based compensation		(0.9	)		(2.0	)		(1.7	)
Payments related to tax withholding for stock-based compensation		(2.0	)		(1.7	)		(2.5	)
Net cash used by financing activities		(76.7	)		(122.6	)		(117.7	)
Proceeds from the exercise of stock options		—			—			4.3
Effect of foreign exchange rate changes on cash and cash equivalents		7.6			(5.6	)		4.4
Net cash used by financing activities		(122.6	)		(117.7	)		(48.3	)
Net (decrease) increase in cash and cash equivalents		(9.7	)		7.7			4.2
Effect of foreign exchange rate changes on cash and cash equivalents		(5.6	)		4.4			1.0
Net increase in cash and cash equivalents		7.7			4.2			21.0
Cash and cash equivalents
Beginning of the period	$	6674.41		$	6266.24		$	4162.2
End of the period	$	7464.14		$	6674.41		$	6266.24
Cash paid during the year for:
Interest	$	4943.43		$	5549.64		$	4255.6
Income taxes	$	4135.67		$	4441.36		$	3744.53

See notes to consolidated financial statements.

ACCO Brands Corporation and Subsidiaries

Consolidated Statements of Stockholders’ Equity

														Accumulated Other
	Common Stock					Paid-in			Treasury Stock					Comprehensive			Accumulated
(in millions)	Shares			Value		Capital			Shares		Value			Income (Loss)			Deficit			Total
Balance at December 31, 2021		100.1		$	1.0	$	1,902.2			4.3	$	(40.9	)	$	(535.5	)	$	(462.0	)	$	864.8
Net loss		—			—		—			—		—			—			(13.2	)		(13.2	)
Loss on derivative financial instruments, net of tax		—			—		—			—		—			(2.9	)		—			(2.9	)
Translation impact, net of tax		—			—		—			—		—			(37.9	)		—			(37.9	)
Pension and post-retirement adjustment, net of tax		—			—		—			—		—			36.0			—			36.0
Common stock repurchases		(2.7	)		—		(19.4	)		—		—			—			—			(19.4	)
Stock-based compensation		—			—		10.0			—		—			—			(0.5	)		9.5
Common stock issued, net of shares withheld for employee taxes		1.5			—		4.3			0.3		(2.5	)		—			—			1.8
Dividends declared $0.30 per share		—			—		—			—		—			—			(28.6	)		(28.6	)
Other		—			—		0.1			—		—			—			(0.1	)		—
Balance at December 31, 2022		98.9		$	1.0	$	1,897.2			4.6	$	(43.4	)	$	(540.3	)	$	(504.4	)	$	810.1
Net loss		—			—		—			—		—			—			(21.8	)		(21.8	)
Loss on derivative financial instruments, net of tax		—			—		—			—		—			(1.8	)		—			(1.8	)
Translation impact, net of tax		—			—		—			—		—			30.3			—			30.3
Pension and post-retirement adjustment, net of tax		—			—		—			—		—			(14.5	)		—			(14.5	)
Stock-based compensation		—			—		16.3			—		—			—			(1.5	)		14.8
Common stock issued, net of shares withheld for employee taxes		0.9			—		—			0.3		(1.7	)		—			—			(1.7	)
Dividends declared $0.30 per share		—			—		—			—		—			—			(28.5	)		(28.5	)
Other		—			—		(0.1	)		—		—			—			0.2			0.1
Balance at December 31, 2023		99.8		$	1.0	$	1,913.4			4.9	$	(45.1	)	$	(526.3	)	$	(556.0	)	$	787.0
Net loss		—			—		—			—		—			—			(101.6	)		(101.6	)
Gain on derivative financial instruments, net of tax		—			—		—			—		—			2.8			—			2.8
Translation impact, net of tax		—			—		—			—		—			(66.1	)		—			(66.1	)
Pension and post-retirement adjustment, net of tax		—			—		—			—		—			17.5			—			17.5
Common stock repurchases		(2.9	)		—		(15.0	)		—		—			—			—			(15.0	)
Stock-based compensation		—			—		13.3			—		—			—			(1.4	)		11.9
Common stock issued, net of shares withheld for employee taxes		1.2			—		—			0.4		(2.0	)		—			—			(2.0	)
Dividends declared $0.30 per share		—			—		—			—		—			—			(28.4	)		(28.4	)
Other		—			—		0.1			—		0.1			—			(0.2	)		—
Balance at December 31, 2024		98.1		$	1.0	$	1,911.8			5.3	$	(47.0	)	$	(572.1	)	$	(687.6	)	$	606.1
Net income		—			—		—			—		—			—			41.3			41.3
Loss on derivative financial instruments, net of tax		—			—		—			—		—			(2.8	)		—			(2.8	)
Translation impact, net of tax		—			—		—			—		—			56.5			—			56.5
Pension and post-retirement adjustment, net of tax		—			—		—			—		—			(4.2	)		—			(4.2	)
Common stock repurchases		(3.2	)		—		(15.3	)		—		—			—			—			(15.3	)
Stock based compensation and dividend equivalents		—			—		12.9			—		—			—			(1.4	)		11.5
Common stock issued, net of shares withheld for employee taxes		0.7			—		—			0.1		(0.9	)		—			—			(0.9	)
Dividend equivalents on unvested awards		—			—		—			—		—			—			(0.5	)		(0.5	)
Dividends declared $0.30 per share		—			—		—			—		—			—			(27.0	)		(27.0	)
Other		—			—		—			—		—			—			(0.1	)		(0.1	)
Balance at December 31, 2025		95.6		$	1.0	$	1,909.4			5.4	$	(47.9	)	$	(522.6	)	$	(675.3	)	$	664.6

See notes to consolidated financial statements.

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements

1. Basis of Presentation

The management of ACCO Brands Corporation is responsible for the accuracy and internal consistency of the preparation of the consolidated financial statements and notes contained in this Annual Report on Form 10-K. The Company may, from time to time, reclassify certain amounts relating to its prior period disclosures to conform to its current period presentation within the notes to the consolidated financial statements.

Effective January 1, 2024, the Company reorganized into two operating segments, the Americas and International. The Americas segment includes the U.S., Canada, Brazil, Mexico and Chile and the International segment includes EMEA, Australia, New Zealand and Asia. Prior period results have been reclassified to reflect this change in our operating segments. See "Note 17. Information on Operating Segments" for further details.

The consolidated financial statements include the accounts of ACCO Brands Corporation and its domestic and international subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.

2. Significant Accounting Policies, Recent Accounting Pronouncements and Adopted Accounting Standards

Nature of Business

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

We distribute our products through a wide variety of channels to ensure that our products are readily and conveniently available for purchase by consumers and other end-users, wherever they prefer to shop. These channels include mass retailers, e-tailers, discount, drug/grocery and variety chains, warehouse clubs, hardware, and specialty stores, independent office product dealers, office superstores, wholesalers, contract stationers, and specialist technology businesses. We also sell directly through e-commerce sites and our direct sales organization.

Use of Estimates

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

Cash and Cash Equivalents

Highly liquid investments with an original maturity of three months or less are included in cash and cash equivalents.

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Cash and Cash Equivalents

Highly liquid investments with an original maturity of three months or less are included in cash and cash equivalents.

Accounts Receivable and Allowances for Sales/Pricing/Cash Discounts and Doubtful Accounts

Trade receivables are recorded at the stated amount, less allowances for sales/pricing/cash discounts and doubtful accounts. The allowance for sales/pricing/cash discounts represents estimated uncollectible receivables associated with the products previously sold to customers and is recorded at the same time that the sales are recognized. The allowance is based on historical trends.

The allowance for doubtful accounts represents estimated uncollectible receivables associated with potential customer defaults on contractual obligations, usually due to a customer's potential insolvency. The allowance includes amounts for certain customers where a risk of default has been specifically identified. In addition, the allowance includes a provision for customer defaults on a general formulaic basis when it is determined the risk of some default is probable and estimable but cannot yet be associated with a specific customer. The assessment of the likelihood of customer defaults is based on various factors, including the length of time the receivables are past due, historical experience and existing economic conditions.

The allowances are recorded as reductions to "Net sales" and "Accounts receivable, net."

Inventories

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

Property, Plant and Equipment

Property, plant and equipment are carried at cost less accumulated depreciation, and depreciated principally on a straight-line basis, over the estimated useful lives of the assets. Gains or losses resulting from dispositions are included in operating income. Betterments and renewals, which improve and extend the life of an asset are capitalized; maintenance and repair costs are expensed. Purchased computer software is capitalized and amortized over the software’s useful life.

The following table shows estimated useful lives of property, plant and equipment:


Property, plant and equipment		Useful Life
Buildings		40 to 50 years
Leasehold improvements		Lesser of lease term or the life of the asset
Machinery, equipment and furniture		3 to 10 years
Computer software		5 to 10 years

We capitalize interest for major capital projects. Capitalized interest is added to the cost of the underlying assets and is depreciated over the useful lives of those assets. We did not capitalize any interest for the years ended December 31, 2025, 2024 and 2023.

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Long-Lived Assets

We test long-lived assets for impairment whenever events or changes in circumstances indicate that the assets’ carrying amount may not be recoverable from its undiscounted future cash flow. When such events occur, we compare the sum of the undiscounted cash flow expected to result from the use and eventual disposition of the asset or asset group to the carrying amount of a long-lived asset or asset group. The cash flows are based on our best estimate at the time of future cash flow, derived from the most recent business projections. If this comparison indicates that there is an impairment, the amount of the impairment is typically calculated using discounted expected future cash flow. The discount rate applied to these cash flows is based on our weighted average cost of capital, computed by selecting market rates at the valuation dates for debt and equity that are reflective of the risks associated with an investment in our industry as estimated by using comparable publicly traded companies.

Identifiable Intangible Assets

As of June 1, 2024, we changed our Five Star® and Swingline® indefinite-lived trade names to amortizable intangible assets as they no longer met the indefinite-lived criteria. We began amortizing both trade names on a straight-line basis over a life of 30 years as of June 1, 2024.

Goodwill

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test as required by GAAP.

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

Employee Benefit Plans

Income Taxes

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

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

As of December 31, ~~2024~~2025, the Company has recorded $43.16 million of deferred taxes on approximately $~~330~~313.74 million of unremitted earnings of non-U.S. subsidiaries that may be remitted to the U.S. The Company has approximately $~~319~~223.54 million of additional unremitted earnings of non-U.S. subsidiaries, which are indefinitely reinvested and for which no deferred taxes have been provided.

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Revenue Recognition

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

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

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

Service or Extended Maintenance Agreements ("EMAs"): Depending on the terms of the EMA, we may defer recognition of the consideration received for any unsatisfied obligations. We use an observable price to determine the stand-alone selling price for separate performance obligations or an estimated cost plus margin approach, for our separately priced service/maintenance agreements that extend mechanical and maintenance coverage beyond our base warranty coverage to our Print Finishing Solutions customers. These agreements range in duration from three to sixty months, however, most agreements are one year or less. We generally receive payment at inception of the EMAs and recognize revenue over the term of the agreement on a straight-line basis.

Shipping and Handling: Freight and distribution activities performed before the customer obtains control of the goods are not considered promised services under customer contracts and therefore are not distinct performance obligations. The Company has chosen to account for shipping and handling activities as a fulfillment activity, and therefore accrues the expense of freight and distribution in "Cost of products sold" when products are shipped.

We reflect all amounts billed to customers for shipping and handling in net sales and the costs we incurred for shipping and handling (including costs to ship and move product from the seller’s place of business to the buyer’s place of business, as well as costs to store, move and prepare products for shipment) in cost of products sold.

Reserve for Sales Returns: The reserve for sales returns represents estimated uncollectible receivables associated with the potential return of products previously sold to customers and is recorded at the same time that the sales are recognized. The reserve includes a general provision for product returns based on historical trends. In addition, the reserve includes amounts for currently authorized customer returns that are considered to be abnormal in comparison to the historical trends. We record the returns reserve, on a gross basis, as a reduction to "Net sales" and "Cost of products sold" with increases to "Other current liabilities" and "Inventories."

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Cost of Products Sold

Cost of products sold includes all manufacturing, product sourcing and distribution costs, including depreciation related to assets used in the manufacturing, procurement and distribution process, allocation of certain information technology costs supporting those processes, inbound and outbound freight, shipping and handling costs, purchasing costs associated with materials and packaging used in the production processes, and inventory valuation adjustments.

Selling, General and Administrative Expenses

Selling, general and administrative expenses ("SG&A") include advertising, marketing, and selling (including commissions) expenses, research and development, customer service, depreciation related to assets outside the manufacturing and distribution processes, and all other general and administrative expenses outside the manufacturing and distribution functions (e.g., finance, human resources, information technology, legal, and other corporate expenses).

Advertising Expenses

Advertising expenses were $9992.35 million, $~~102~~99.73 million, and $~~108~~102.87 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively. These costs primarily include, but are not limited to, cooperative advertising and promotional allowances as described in "Customer Program Costs" above and are principally expensed as incurred.

Warranty Reserves

We offer our customers various warranty terms based on the type of product that is sold. Estimated future obligations related to products sold under these warranty terms are provided by charges to cost of products sold in the same period in which the related revenue is recognized.

Research and Development Expenses

Research and development expenses were $2322.0 million, $2523.80 million, and $2625.38 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, respectively, are classified as SG&A expenses and are charged to expense as incurred.

Stock-Based Compensation

Our primary types of stock-based compensation provided for under our current incentive plan consist of stock options, restricted stock unit awards, and performance stock unit awards. Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite service period. Where awards are made with non-substantive vesting periods (for example, where a portion of the award vests due to retirement eligibility), we estimate and recognize expense based on the period from the grant date to the date on which the employee is retirement eligible. The Company accounts for forfeitures as they occur.

Foreign Currency Translation

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

~~Foreign~~are ~~Currency~~made ~~Translation~~directly to a separate component of AOCI in stockholders’ equity. Some transactions are made in currencies different from an entity’s functional currency; gains and losses on these foreign currency transactions are included in the income statement.

Foreign currency balance sheet accounts are translated into U.S. dollars at the rates of exchange at the balance sheet date. Income and expenses are translated at the average rates of exchange in effect during the period. The related translation adjustments are made directly to a separate component of AOCI in stockholders’ equity. Some transactions are made in currencies different from an entity’s functional currency; gains and losses on these foreign currency transactions are included in the income statement.

Derivative Financial Instruments

We recognize all derivatives as either assets or liabilities on the balance sheet and record those instruments at fair value. If the derivative is designated as a fair value hedge and is effective, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in earnings in the same period. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in AOCI and are recognized in the Consolidated Statements of Income when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges are recognized in earnings.

Certain forecasted transactions, and assets and liabilities are exposed to foreign currency risk. We continually monitor our foreign currency exposures in order to maximize the overall effectiveness of our foreign currency hedge positions. Principal currencies hedged against the U.S. dollar include the Euro, Australian dollar, Canadian dollar, Swedish krona, British pound, and Japanese yen.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires a public entity to disaggregate certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the effect this guidance will have on the notes to our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are evaluating the effect this guidance will have on our tax disclosures.

There were no other recently issued accounting standards that are expected to have an impact on the Company’s financial condition, results of operations or cash flow.

Recently Adopted Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU is effective for annual periods beginning after December 15, 2024. Effective in the fourth quarter of 2025, the Company adopted this standard. See "Note 12. Income Taxes" for further details.

There were no other accounting standards that were adopted in 2025, 2024 and 2023 that had a material effect on the Company’s financial condition, results of operations or cash flow.

3. Acquisitions

Buro Acquisition

On February 28, 2025, we completed the acquisition (the "Buro Acquisition") of the business of Buro Seating Limited Partnership ("Buro"). Buro is a wholesaler of ergonomic seating in Australia and New Zealand and is included in the

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

~~Recently~~Company’s ~~Adopted~~International ~~Accounting~~operating ~~Standards~~segment. The Buro Acquisition extends our presence in Australia and New Zealand into a new product category. The purchase price paid at closing was AU$16.3 million (US$10.1 million, based on February 28, 2025 exchange rates). A portion of the purchase price (AU$2.2 million or US$1.3 million based on February 28, 2025 exchange rates) is being held in an escrow account for a period of up to 2 years after closing in the event of any claims against the seller under the purchase agreement. The fair value of assets acquired and liabilities assumed are subject to finalization and are expected to be completed within one year from acquisition date. The Buro Acquisition was accounted for as a business combination and Buro's results are included in the Company's condensed consolidated financial statements as of February 28, 2025.

InPro ~~November~~forma ~~2023,~~financial ~~the~~information ~~FASB~~is issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does not ~~change~~presented ~~how~~due ~~a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds~~ to ~~determine its reportable segments~~immateriality. ~~Effective in the fourth quarter of 2024, the Company adopted this standard. See "Note 17. Information on Operating Segments" for further details.~~

InEPOS March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions for applying current GAAP to contracts, hedging relationships, and other transactions affected by the transition from the use of LIBOR to an alternative reference rate. Effective in the fourth quarter of 2022, the Company adopted this standard. The adoption of this standard did not have a material impact on our consolidated financial statements.Acquisition

~~There~~On ~~were~~December no20, ~~other~~2025, ~~accounting~~we ~~standards~~entered ~~that~~into ~~were~~a ~~adopted~~definitive agreement to acquire EPOS from Demant A/S, a leading Danish hearing healthcare company. Based in ~~2024~~Copenhagen, ~~2023~~Denmark, EPOS provides a comprehensive range of premium enterprise wired and ~~2022~~wireless headsets, and other audio solutions, that ~~had~~build on over a ~~material~~century ~~effect~~of research in psychoacoustics. The EPOS product line is designed to reduce listening fatigue, improve voice clarity and support cognitive performance. The purchase price was €6.5 million (US$7.7 million, based on ~~the~~January ~~Company’s~~30, ~~financial~~2026 ~~condition~~exchange rates) plus up to an additional €3.0 million (US$3.5 million based on January 30, ~~results~~2026 ofexchange ~~operations~~rates) orin ~~cash~~contingent ~~flow~~purchase price consideration. The deal closed on January 30, 2026.

34. Long-term Debt and Short-term Borrowings

Notes payable and long-term debt, listed in order of the priority of security interests in assets of the Company, consisted of the following as of December 31, ~~2024~~2025 and ~~2023~~2024:

(in millions)	December 31,~~2024~~ 2025		December 31,~~2023~~ 2024
Euro Senior Secured Term Loan A, due October 2029 (floating interest rate of 4.68% at December 31, 2024 and 5.93% at December 31, 2023)	$	127.9	$	218.2
Euro Senior Secured Term Loan A, due October 2029 (floating interest rate of 4.27% at December 31, 2025 and 4.68% at December 31, 2024)	$	101.3	$	127.9
USD Senior Secured Term Loan A (floating interest rate of 7.50% at December 31, 2023)		—		78.0
Euro Dollar Senior Secured Revolving Credit Facility, due October 2029 (floating interest rate of 4.27% at December 31, 2025 and 4.68% at December 31, 2024)		106.9		59.1
Australian Dollar Senior Secured Term Loan A (floating interest rate of 6.42% at December 31, 2023)		—		32.5
U.S. Dollar Senior Secured Revolving Credit Facility, due October 2029 (floating interest rate of 6.06% at December 31, 2025 and 6.47% at December 31, 2024)		33.6		34.4
Euro Dollar Senior Secured Revolving Credit Facility, due October 2029 (floating interest rate of 4.68% at December 31, 2024)		59.1		—
Australian Dollar Senior Secured Revolving Credit Facility, due October 2029 (floating interest rate of 6.03% at December 31, 2025 and 6.44% at December 31, 2024)		24.1		32.8
U.S. Dollar Senior Secured Revolving Credit Facility, due October 2029 (floating interest rate of 6.47% at December 31, 2024 and 7.40% at December 31, 2023)		34.4		7.3
Australian Dollar Senior Secured Revolving Credit Facility, due October 2029 (floating interest rate of 6.44% at December 31, 2024 and 6.42% at December 31, 2023)		32.8		14.3
Senior Unsecured Notes, due March 2029 (fixed interest rate of 4.25%)		575.0		575.0
Other borrowings		~~10.5~~—		010.35
Total debt		~~839~~840.79		~~925~~839.67
Less:
Current portion		5130.38		3651.73
Debt issuance costs, unamortized		54.1		65.71
Long-term debt, net	$	~~783~~806.30	$	~~882~~783.23

The Company is party to a Third Amended and Restated Credit Agreement, dated as of January 27, 2017, as amended, among the Company, certain subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other agents and various lenders party thereto, ~~which has been amended seven times between July 2018 and October 2024~~ (as amended, the "Credit Agreement"). The Credit Agreement ~~currently~~ provides for a senior secured credit facility, which consists of a €184.8 million (US$200.0 million based on October 30, 2024 exchange rates) term loan facility, and a US$467.5 million multi-currency revolving credit facility (the "Revolving Facility"). Prior to the seventh amendment which was effective October 30, 2024, the Credit Agreement provided for a senior secured credit facility, which consisted of a €300.0 million (US$320.8 million based on

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

~~January~~Amendment ~~27,~~to ~~2017,~~Credit exchange rates) term loan facility, an A$80.0 million (US$60.4 million based on January 27, 2017, exchange rates) term loan facility, a US$100.0 million term loan facility and a US$600.0 million multi-currency revolving credit facility. Agreement

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

~~Minimum~~Prior ~~Interest~~to ~~Coverage~~July ~~Ratio~~29, ~~(as~~2025, ~~defined~~the inmaximum Consolidated Leverage Ratio under the Credit Agreement) offor 3all first and second fiscal quarters was 4.~~00:1~~50x and 4.~~00;~~00x for all third and fourth fiscal quarters.

Maximum Consolidated Leverage Ratio financial covenant for all first and second fiscal quarters is 4.50x dropping to 4.00x for all third and fourth fiscal quarters.

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

Consolidated Leverage Ratio	Applicable Rate on Euro/AUD/CDN ~~Dollar~~ Loans	Applicable Rate on Base Rate Loans	Undrawn Fee
> 4.25	2.25 %	1.25 %	0.375 %
> 3.5	2.00 %	1.00 %	0.350 %
> 2.5	1.75 %	0.75 %	0.300 %
≤ 2.5	1.50 %	0.50 %	0.250 %

As of December 31, ~~2024~~2025, there was $~~126~~164.36 million in borrowings outstanding under the Revolving Facility ($3423.46 million reported in "Current portion of long-term debt" and $91141.90 million reported in "Long-term debt, net"), and the amount available for borrowings was $~~329~~292.63 million (allowing for $1110.6 million of letters of credit outstanding on that date).

Amortization

The outstanding principal amounts under the Euro Term Loan Facility are payable in quarterly installments in an amount representing, on an annual basis, 1.25 percent of the initial aggregate principal amount of such loan facility and increasing to 1.875 percent in March 2027 and further increasing to 2.50 percent in March 2029.

Dividends and Share Repurchases

Under the Credit Agreement, the Company may pay dividends and/or repurchase shares in an aggregate amount not to exceed the sum of: (i) the greater of $40.0 million and 1 percent of the Company’s Consolidated Total Assets (as defined in the Credit Agreement) during any fiscal year; plus (ii) an additional amount not to exceed $75.0 million during any fiscal year (provided the Company’s Consolidated Leverage Ratio after giving pro forma effect to the restricted payment is 0.25x inside the applicable Consolidated Leverage Ratio financial covenant); plus (iii) an additional amount so long as the Consolidated Leverage Ratio after giving pro forma effect to the restricted payment would be less than or equal to 3.25x; plus (iv) any Net Equity Proceeds (as defined in the Credit Agreement).

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Dividends and Share Repurchases

Financial Covenants

The Company is required to comply with the maximum Consolidated Leverage Ratio covenant described above and a minimum Interest Coverage Ratio covenant. As of December 31, ~~2024~~2025, our Consolidated Leverage Ratio was approximately 34.3813 to 1.00 versus our maximum covenant of 4.0050 to 1.00. Our Interest Coverage Ratio was approximately 5.3551 to 1.00 versus the minimum financial covenant of 3.00 to 1.00.

Other Covenants and Restrictions

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

Incremental Facilities

The Credit Agreement permits the Company to seek increases in the size of the Revolving Facility and the Term Loan Facility prior to maturity by up to $500.0 million in the aggregate, subject to lender commitment and the conditions set forth in the Credit Agreement.

Senior Unsecured Notes due March 2029 (the "Senior Unsecured Notes")

On March 15, 2021, the Company completed a private offering of $575.0 million in aggregate principal amount of 4.25 percent Senior Unsecured Notes, which were issued under an indenture, dated as of March 15, 2021, among the Company, as issuer, the guarantors named therein and Wells Fargo Bank, National Association, as trustee. Interest on the New Notes is payable semiannually on March 15 and September 15 of each year. The Senior Unsecured Notes indenture contains covenants that could limit the ability of the Company and its restricted subsidiaries to, among other things: (i) incur additional indebtedness or issue disqualified stock or, in the case of the Company’s restricted subsidiaries, preferred stock; (ii) create liens; (iii) pay dividends, make certain investments or make other restricted payments; (iv) sell certain assets or merge with or into other companies; (v) enter into transactions with affiliates; and (vi) allow limitations on any restricted subsidiary to pay dividends, loans, or assets to the Company or other restricted subsidiaries. These covenants are subject to a number of important limitations and exceptions. The Senior Unsecured Notes indenture also provides for events of default, which, if any of them occurs, would permit or require the principal, premium, if any, and accrued but unpaid interest on all the then outstanding Senior Unsecured Notes to be immediately due and payable.

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

Compliance with Loan Covenants

As of and for the ~~periods~~period ended December 31, ~~2024~~2025, ~~and December 31, 2023,~~ the Company was in compliance with all applicable loan covenants under its senior secured credit facilities and the Senior Unsecured Notes.

Guarantees and Security

The Senior Unsecured Notes are irrevocably and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by each of our existing and future domestic subsidiaries other than certain excluded subsidiaries. The Senior Unsecured Notes and the related guarantees rank equally in right of payment with all of the existing and future senior debt of the Company and the guarantors, senior in right of payment to all of the existing and future subordinated debt of the Company and the guarantors, and are effectively subordinated to all of the existing and future secured indebtedness of the Company and the guarantors to the extent of the value of the assets securing such indebtedness. The Senior Unsecured Notes and the guarantees are and will be structurally subordinated to all existing and future liabilities, including trade payables, of each of the Company's subsidiaries that do not guarantee the Senior Unsecured Notes.

60The following table summarizes information about our major debt components as of December 31, 2025, including the principal cash payments and interest rates:


	Stated Maturity Date
(in millions)		2026			2027			2028			2029			2030	Thereafter		Total		Fair Value
Long term debt:
Fixed rate Senior Unsecured Notes, due March 2029	$	—		$	—		$	—		$	575.0		$	—	$	—	$	575.0	$	533.3
Fixed interest rate											4.25	%
Euro Senior Secured Term Loan A, due October 2029	$	7.2		$	10.8		$	10.8		$	72.5		$	—	$	—	$	101.3	$	101.3
Euro Dollar Senior Secured Revolving Credit Facility, due October 2029	$	—		$	—		$	—		$	106.9		$	—	$	—	$	106.9	$	106.9
U.S. Dollar Senior Secured Revolving Credit Facility, due October 2029	$	23.6		$	—		$	—		$	10.0		$	—	$	—	$	33.6	$	33.6
Australian Dollar Senior Secured Revolving Credit Facility, due October 2029	$	—		$	—		$	—		$	24.1		$	—	$	—	$	24.1	$	24.1
Average variable interest rate(1)		4.53	%		4.54	%		4.55	%		4.55	%

(1)

Rates presented are as of December 31, 2025.

5. Leases

The Company leases its corporate headquarters, various other facilities for distribution, manufacturing and offices, as well as vehicles, forklifts and other equipment. The Company determines if an arrangement is a lease at inception. Leases are included in "Right of use asset, leases" ("ROU Assets"), and the current portion of the lease liability is included in "Lease liabilities" and the non-current portion is included in "Long-term lease liabilities" in the Consolidated Balance Sheets. The Company currently has an immaterial amount of financing leases and leases with terms of more than one month and less than 12 months.

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

guarantors, and are effectively subordinated to all of the existing and future secured indebtedness of the Company and the guarantors to the extent of the value of the assets securing such indebtedness. The Senior Unsecured Notes and the guarantees are and will be structurally subordinated to all existing and future liabilities, including trade payables, of each of the Company's subsidiaries that do not guarantee the Senior Unsecured Notes.

4. Leases

ROU Assets and Lease liabilities are recognized based on the present value of lease payments over the lease term. In determining the present value of leases, the Company uses its incremental collateralized borrowing rate, on a regional basis, due to the implicit rate of return is generally not readily determinable for our leases. The incremental borrowing rate is dependent upon the duration of the lease and has been segmented into three groups of time. All leases within the same region and the same group of time share the same incremental borrowing rate. The Company has lease agreements with lease and non-lease components, which are combined for accounting purposes for all classes of underlying assets except information technology equipment.

The components of lease expense for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, were as follows:

(in millions)	~~2024~~2025			~~2023~~2024			~~2022~~2023
Operating lease cost	$	29.0		$	2829.60		$	2928.56
Sublease income		(3.12	)		(23.51	)		(2.45	)
Total lease cost	$	25.98		$	2625.19		$	2726.1

Other information related to leases for the years ended December 31, ~~2024~~2025 and ~~2023~~2024 was as follows:

	Twelve Months EndedDecember 31,
	Twelve Months Ended December 31,
(in millions, except lease term and discount rate)	~~2024~~2025			~~2023~~2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2729.9		$	2927.89
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	1915.51		$	2319.25
Weighted average remaining lease term:
Operating leases	5.63 years
Weighted average discount rate:
Operating leases		5.3	%

61Future minimum lease payments, net of sub-lease income, for all non-cancelable leases as of December 31, 2025 were as follows:


(in millions)	Operating Leases
2026	$	24.7
2027		20.1
2028		17.2
2029		13.5
2030		11.5
Thereafter		9.7
Total minimum lease payments		96.7
Less imputed interest		12.7
Future minimum payments for leases, net of sublease rental income and imputed interest	$	84.0

6. Pension and Other Retiree Benefits

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

~~Future~~frozen ~~minimum~~and ~~lease~~are ~~payments,~~no ~~net~~longer ofaccruing ~~sub-lease~~additional ~~income,~~service ~~for~~benefits. ~~all~~Cash ~~non-cancelable~~contributions ~~leases~~to the plans are made as necessary to ensure legal funding requirements are satisfied. The ACCO Brands Corporation Pension Plan was fully and permanently frozen as of December 31, ~~2024~~2021. ~~were~~In as2019, ~~follows:~~the Esselte U.K. plan was frozen and merged with the legacy ACCO U.K. plan, which was frozen on September 30, 2012.

(in millions)	OperatingLeases
2025		26.2
2026		21.4
2027		16.6
2028		13.6
2029		10.6
Thereafter		17.8
Total minimum lease payments		106.2
Less imputed interest		17.8
Future minimum payments for leases, net of sublease rental income and imputed interest	$	88.4

5. Pension and Other Retiree Benefits

We have a number of pension plans, principally in Germany, the U.K. and the U.S. The plans provide for payment of retirement benefits, primarily commencing between the ages of 60 and 65, and also for payment of certain disability and severance benefits. After meeting certain qualifications, an employee acquires a vested right to future benefits. The benefits payable under the plans are generally determined based on an employee’s length of service and earnings. The majority of these plans have been frozen and are no longer accruing additional service benefits. Cash contributions to the plans are made as necessary to ensure legal funding requirements are satisfied. The ACCO Brands Corporation Pension Plan was fully and permanently frozen as of December 31, 2021. In 2019, the Esselte U.K. plan was frozen and merged with the legacy ACCO U.K. plan, which was frozen on September 30, 2012.

As of December 31, 2016, our Canadian Salaried and Hourly pension plans were frozen. Effective July 1, 2022, the Company announced its plan to terminate those Canadian pension plans. During 2024, we finalized the settlement of the entire benefit obligation for the Canadian Salaried and Hourly pension plans resulting in a final settlement cost of $4.5 million.

Our German Esselte Leitz Pension Plan had an unfunded liability of $98103.06 million and $~~109~~98.90 million for the years ended December 31, ~~2024~~2025, and ~~2023~~2024, respectively. As is customary, there are no plans to, and there is no requirement to, fund the German Pension Plan other than to meet the current liabilities.

We also provide post-retirement health care and life insurance benefits to certain employees and retirees in the U.S., U.K. and Canada. All but one of these benefit plans is no longer open to new participants. Many employees and retirees outside of the U.S. are covered by government health care programs.

In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. In July 2024, the Court of Appeal dismissed the appeal brought by Virgin Media Ltd against aspects of the June 2023 decision. The conclusions reached by the court in this case may have implications for other UK defined benefit plans. More recently, in June 2025, the UK Government announced its intention to introduce legislation to give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards. Draft legislation has been put forward in Government amendments to the Pension Schemes Bill, but it is still subject to change, and the Bill will not be enacted until the earliest Spring 2026.

6263

ACCO Brands Corporation and Subsidiaries

Notes to Consolidated Financial Statements (Continued)

The following table sets forth our defined benefit pension and post-retirement plans funded status and the amounts recognized in our Consolidated Balance Sheets:

	Pension												Post-retirement
	U.S.						International
(in millions)		~~2024~~2025			~~2023~~2024			~~2024~~2025			~~2023~~2024			~~2024~~2025			~~2023~~2024
Change in projected benefit obligation (PBO)
Projected benefit obligation at beginning of year	$	~~162~~150.65		$	162.36		$	~~467~~396.45		$	~~441~~467.14		$	3.36		$	3.23
Service cost		—			—			0.67			0.56			—			—
Interest cost		7.7			7.97			18.57			2018.05			0.2			0.2
Actuarial (gain) loss		(9.1	)		3.2			(34.4	)		14.6			0.5			0.1
Actuarial loss (gain)		5.0			(9.1	)		(3.7	)		(34.4	)		0.1			0.5
Participants’ contributions		—			—			0.1			0.1			—			—
Benefits paid		(1011.79	)		(10.87	)		(2729.71	)		(27.07	)		(0.3	)		(0.3	)
Settlement		—			—			(150.12	)		(315.91	)		—			—
Foreign exchange rate changes		—			—			~~(12~~36.96	)		22(12.09	)		(0.1	)		(0.1

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