Financial Performance - Net sales decreased by 8.8% to $383.7 million in Q3 2025 compared to $420.9 million in Q3 2024[33] - Gross profit decreased by 7.5% to $126.6 million in Q3 2025 compared to $136.9 million in Q3 2024[33] - Adjusted earnings per share decreased by 8.7% to $0.21 in Q3 2025 compared to $0.23 in Q3 2024[33] - For the nine months ended September 30, 2025, net sales decreased by 10.0% to $1095.9 million compared to $1218.1 million in 2024[33] - The company reaffirms its 2025 full year outlook[16] Cost Reduction Program - The company is executing on a $100 million multi-year cost reduction program, with over $50 million realized since inception[16, 29, 31] - Approximately $10 million in savings was achieved in Q3 2025 from the cost reduction program[31] - SG&A costs were down year-over-year due to cost savings and lower incentive compensation expense[16] Capital Structure and Cash Flow - Gross debt decreased by $37 million year-over-year[43, 56] - The company repatriated $47 million from Brazil and paid down debt[43] - The consolidated leverage ratio was 4.1x at the end of Q3 2025[43, 56] - Year-to-date adjusted free cash flow was $42 million[50, 60] Segment Performance - ACCO Brands Americas sales decreased by 12.2% to $227.6 million in Q3 2025 compared to $259.1 million in Q3 2024[37] - ACCO Brands International sales decreased by 3.5% to $156.1 million in Q3 2025 compared to $161.8 million in Q3 2024[37]