XBP Global to Deliver Full Service Procure-to-Pay Solution for Iron Oak Energy Solutions

IRVING, TX, October 30, 2025 - XBP Global Holdings, Inc. ("XBP Global" or "the Company") (NASDAQ: XBP), a leader in workflow automation and process transformation, announced that it has signed a long-term agreement with Iron Oak Energy Solutions to deliver its full-service Procure-to-Pay (P2P) solution across the company's operations in the United States.

Iron Oak Energy Solutions, a newly formed entity in the oil and gas services sector, was created following the separation of the energy division of Covia and its merger with Black Mountain Sand. The engagement will replicate XBP Global's proven full-service P2P model previously delivered to Covia, integrating consulting, services, and XBP's proprietary technology to drive efficiency and process excellence.

The agreement, set to commence in January 2026, spans three years and is expected to support multiple geographies, with scope to scale as operations grow.

"Iron Oak Energy Solutions approached us to continue the transformation we delivered at Covia, and we are excited to partner with them to enhance their Procure-to-Pay operations," said Sandeep Sapru, President, Asia and Americas. "Our full-service play model, combining consulting, services, and proprietary technology, is designed to reduce turnaround times, improve operational efficiency, and strengthen the overall business performance of our clients. The trust Iron Oak has placed in us reflects the strength of our delivery and the value of our solutions."

Rob Brown, Vice President and Corporate Controller, Iron Oak Energy Solutions added, "From day one, XBP Global has demonstrated a clear understanding of our business complexities and responded with agility to our evolving needs. Their consistent execution and commitment to our success have made them a trusted partner as we move into this next phase of growth."

The engagement with Iron Oak Energy Solutions highlights XBP's ability to extend its full-service P2P offering across new industry verticals and reinforces its position as a strategic partner for organizations seeking end-to-end transformation in finance operations.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These statements include financial forecasts, projections, and other statements about future operations, financial position, business strategy, market opportunities, and trends. Forward-looking statements can often be identified by terms such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "plan," "targets," "projects," "could," "would," "continue," "forecast," or similar expressions. This press release includes forward-looking non-GAAP financial measures, such as projected Adjusted EBITDA and Net Debt. Adjusted EBITDA is defined as net income excluding interest, taxes, depreciation, amortization, and certain non-recurring items, while Net Debt is total debt minus cash and cash equivalents. The Company cannot reconcile these measures to their most comparable GAAP metrics - net income and total debt - without unreasonable effort, due to challenges in forecasting future interest, taxes, depreciation, and non-recurring items. These measures are provided for informational purposes only and should not be considered substitutes for financial measures prepared in accordance with GAAP. All forward-looking statements are based on estimates, forecasts, and assumptions that are inherently uncertain and subject to risks and factors that could cause actual results to differ materially. These include, but are not limited to: (1) risks related to the acquisition, including the inability to realize anticipated benefits, disruptions to operations, and costs associated with the transaction; (2) legal proceedings; (3) failure to meet Nasdaq listing standards; (4) competition and market conditions; (5) economic, geopolitical, and regulatory changes; (6) challenges in retaining clients, employees, and suppliers; and (7) other risks detailed in XBP Europe's filings with the SEC, including the "Risk Factors" section of its Annual Report on Form 10-K for 2025, filed on March 19, 2025, and the proxy statement for the 2025 annual meeting. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. XBP Global undertakes no obligation to update these statements, except as required by law. There is no assurance that XBP Global or its subsidiaries will achieve the results projected in these statements.

For more news, commentary, and industry perspectives, visit: www.xbpglobal.com
and follow us on social:
X: https://x.com/XBPGlobal
LinkedIn: https://www.linkedin.com/company/xbpglobal/

The information posted on XBP Global's website and/or via its social media accounts may be deemed material to investors. Accordingly, investors, media and others interested in XBP Global should monitor XBP Global's website and its social media accounts in addition to XBP Global's press releases, SEC filings and public conference calls and webcasts.

Investor Relations: David Shamis, [email protected]
Media Queries: Srushti Rao, [email protected]

About XBP Global

XBP Global is a multinational technology and services company powering intelligent business workflows for organizations worldwide. With a presence in 20 countries and approximately 11,000 professionals, XBP Global partners with over 2,500 clients, including many of the Fortune 100, to accelerate digital transformation, elevate customer experiences, and drive measurable outcomes.

Our proprietary platforms, AI-driven automation, and deep domain expertise across industries such as banking, healthcare, insurance, utilities, and the public sector enable clients to modernize their operations and strengthen financial performance. By combining innovation with execution excellence, XBP Global helps businesses reimagine how they work, transact, and thrive in a connected world.