シンプレスの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________

Form 8-K


現行レポート
1934年米国証券取引所法第13条または第15条(d)に基づき

報告日（最も古い事象が報告された日:			January 29, 2025

__________________________________________

Cimpress plc

(チャーターで指定された登録者の正確な名前)

__________________________________________

アイルランド

000-51539

98-0417483

(法人設立の州またはその他の管轄区域)

(Commission File Number)

(IRS Employer Identification No.)


First Floor Building 3,	フィンランド航空ビジネス＆テクノロジーパーク	A91 XR61
Dundalk, Co. Louth
アイルランド
(主要経営陣の住所)

登録者の電話番号（市外局番を含む）。+353 42 938 8500

not applicable

(旧姓または旧住所（前回の報告から変更されている場合)

__________________________________________

form 8-kの提出が、以下のいずれかの条項に基づく登録者の提出義務を同時に満たすことを意図している場合は、以下の該当するボックスにチェックを入れます（以下の一般指示a.2.を参照）。:

☐

証券法に基づく規則425に従った書面によるコミュニケーション（17 cfr 230.425)

☐

取引所法の下でのルール14a-12（17 cfr 240.14a-12）に基づく資料の勧誘。)

☐

取引所法の規則14d-2(b)に基づく開始前のコミュニケーション（17 cfr 240.14d-2(b))

☐

証券取引法の規則13e-4(c)に基づく開始前のコミュニケーション（17 cfr 240.13e-4(c))

登録者が1933年証券法規則405（本章230.405節）または1934年証券取引法規則12b-2（本章240.12b-2節）で定義される新興成長企業であるかどうかをチェックマークで示す。


Emerging growth company			☐

新興成長企業の場合、登録者が取引所法第13条(a)に従い提供される新規または改訂された財務会計基準に準拠するための移行期間の延長を利用しないことを選択した場合は、チェックマークで示す。☐

法第12条(b)に従って登録された証券：

Title of Each Class

Trading Symbol(s)

登録されている取引所の名称

普通株式、1株あたりの額面は0.01ユーロ

CMPR

NASDAQ

Global Select Market

Item 2.02. 営業成績および財務状況

2025年1月29日、Cimpress plcは、2024年12月31日に終了した会計年度の第2四半期決算を発表・説明する2025年度第2四半期決算資料をウェブサイトに掲載した。決算説明資料の全文は本レポートの別紙99.1として掲載されている。

本項目2.02の情報および本報告書の添付資料は、1934年証券取引法第18条にいう「提出された」ものではなく、また同条の適用を受けるものでもなく、1933年証券法または1934年証券取引法に基づくいかなる提出書類にも、かかる提出書類に明示的に言及されている場合を除き、参照により組み込まれるものでもありません。

Item 9.01. 財務諸表および添付資料

(d) 展示品


Exhibit
No.						Description
99.1						2025年1月29日付2025年3月期第2四半期決算説明資料
104						カバーページ ixbrlでフォーマットされたインタラクティブデータファイル

SIGNATURE

1934年証券取引法の要件に従い、登録者は本報告書に正式に権限を付与された署名者により、登録者を代表して署名させた。


January 29, 2025			Cimpress plc


			By:			/s/ Sean E. Quinn
						Sean E. Quinn
						エグゼクティブ・バイス・プレジデント兼チーフ・ファイナンシャル・オフィサー

EX-99.1 2 q2_fy25quarterlyearnings.htm EX-99.1 q2_fy25quarterlyearnings

LETTER FROM ROBERT JANUARY 29, 2025 Dear Investor, We continue to focus on the initiatives outlined in my annual letter of July 31, 2024 and our September 10, 2024 investor day and remain confident in Cimpress' ability to deliver attractive, multi-year improvements to earnings and cash flow. I will share the sources of confidence below. That being said, we delivered disappointing financial results in our second quarter and therefore our FY2025 results will be lower than we originally expected. We had planned for adjusted EBITDA to decline slightly in Q2 FY2025 due to the non-recurrence of $12 million of one-time favorable items in the year-ago period as well as the shortened holiday buying season compared to last year. We also experienced additional unplanned one-time headwinds to profitability. In Canada there was a postal strike during the holiday peak that kept our customers from buying holiday cards given the uncertainty of deliverability, which reduced profits by about $1.8 million, and we had a $2.9 million charge for a land duty tax in Australia related to our 2019 redomiciliation to Ireland that we are appealing. All together these items weighed on year-over-year profitability by over $16 million. Additionally, consolidated revenue was lower than plan in Q2 driven primarily by underperformance in the U.S. for business cards and seasonally important consumer-focused products, such as holiday cards at Vista and canvas prints at BuildASign. Our strong growth in more complex products that we described at our September investor day remained robust and met or exceeded plan. This was not enough to overcome the shortfall from high gross margin products and increased advertising and operating costs. More details about the financial and operational results by segment are provided below. Summary financial results for Q2 FY2025 compared to Q2 FY2024: • Revenue grew 2% on both a reported and organic constant-currency basis. • Operating income decreased $26.7 million year over year to $80.9 million. • Adjusted EBITDA decreased $34.2 million year over year to $132.3 million. • Operating cash flow increased $1.6 million year over year to $176.5 million, largely the benefit of lower cash interest expense and higher inflows from other working capital items. • Adjusted free cash flow decreased $16.4 million year over year to $133.5 million, driven by the operating cash flow results and planned higher capital expenditures during the quarter. • We repurchased 533,868 Cimpress shares for $42.4 million during the second quarter at an average price of $79.35 per share, bringing our year-to-date total to 657,193 shares for $53.0 million at an average price of $80.62 per share. • Net leverage at December 31, 2024 was 3.1 times trailing-twelve month EBITDA as calculated under our credit agreement, flat from Q1 FY2025. • Our liquidity position is strong with cash and marketable securities of $224.4 million as of December 31, 2024. Our $250 million revolving credit facility remained undrawn at the end of the quarter. • We repriced the $1.032 billion USD tranche of our Term Loan B and upsized it by $49 million to pay down the remainder of our €46 million Euro tranche. These actions will reduce our annual cash interest by approximately $5 million. Segment Commentary Vista revenue grew 3% in Q2 on a reported and organic constant-currency basis. Revenue was on plan in Europe, and on plan globally for focus categories like promotional products, apparel, signage, and packaging and labels that showed continued strength with year-over-year bookings growth rates that ranged from high-single-digit to high- teens. This strength was offset by year-over-year declines in bookings from the seasonally important consumer products (-3%) and business cards and stationery (-4%) driven by the North American market. We estimate that the aforementioned Canadian postal strike had a $3 million impact to revenue in Q2, most notably in the consumer category. Please see non-GAAP reconciliations at the end of this document. Page 2 of 30

For holiday products in the U.S., more intensive discounting from competitors, significantly higher advertising costs in performance channels and fewer buying days during the holiday season combined to lower our revenue versus last year most notably in holiday cards. Industry tracking data for the U.S. market signaled a similar decline in revenue for most consumer competitors for holiday cards, photo products and related items. Vista Q2 segment EBITDA declined 14% year over year, down $15.4 million to $92.4 million. Gross margin declined by 220 basis points during the period, largely the result of the non-recurrence of one-time benefits in the year-ago period and product mix shifts largely driven by the declines in North American consumer products and business cards, each of which have high gross margins. As mentioned earlier, we estimate the Canadian postal strike drove a $1.8 million impact on gross profit and segment EBITDA. Vista's advertising as a percent of revenue increased 90 basis points compared to the year-ago period. While this delivered good financial returns overall, the cost of advertising inventory during the peak consumer weeks in North America was more expensive than last year and Vista's performance in organic search and free channels was weaker, contributing to the shortfall in revenue, gross profit, and EBITDA. PrintBrothers and The Print Group (our combined Upload & Print businesses) grew Q2 revenue year over year by 5% and 7%, respectively (6% combined) and on an organic constant-currency basis by 6% and 7%, respectively (7% combined). Order growth and increased fulfillment for other Cimpress businesses drove revenue strength across the businesses. Lower per-order quantities partially offset those strengths. We continue to see the market shift to smaller orders as being a positive for us overall because we excel at serving very large numbers of customers for small individual orders whereas traditional printers struggle to compete for such orders. Q2 segment EBITDA declined during the quarter for PrintBrothers, down $5.5 million, mostly a result of lapping $4.1 million of one-time COGS and operating expense benefits in the prior year. The Print Group EBITDA expanded by $1.2 million with continued gross margin expansion, partially offset by the non-recurrence of a $1.3 million prior-year benefit in operating expenses related to variable long-term incentive compensation. Combined Upload & Print EBITDA declined $4.3 million year over year. National Pen Q2 FY2025 revenue grew 1% on a reported and organic constant-currency basis, driven by growth in e-commerce, cross-Cimpress fulfillment for other Cimpress businesses, and telesales. These growing channels were offset by revenue declines in mail order where National Pen continued to optimize for efficiency of direct mail advertising. Segment EBITDA declined $2.1 million year over year, driven by higher inbound freight costs and product mix shifts that weighed on gross margin. All Other Businesses Q2 revenue grew 1% year over year on a reported basis and 3% on an organic constant- currency basis as BuildASign continued to increase fulfillment for other Cimpress businesses, offset by declines in home decor sales year over year. As described below, we are expanding our production capabilities in this segment across multiple more complex products that have strong revenue growth, including substantial cross-Cimpress fulfillment for Vista. Segment EBITDA decreased by $3.7 million due in part to temporary production inefficiencies related to these new capabilities and the non-recurrence of a $1.4 million prior-year benefit in operating expenses related to variable long-term incentive compensation at BuildASign. Central and Corporate Costs excluding unallocated share-based compensation increased $5.8 million year over year in Q2 FY2025, driven by increased volume-driven operating costs and the one-time, $2.9 million land duty tax assessment mentioned above. In light of lower than expected Q2 results we have initiated multiple actions to improve performance, reduce operating expenses and/or to slow their growth and to optimize our pricing. Beyond these immediate actions, we believe that over the next several years we have significant further opportunity to get additional leverage from our operating expense base. Part of this will be achieved through leverage of the investments we have been making in recent years in improved product experience and technology modernization. Additionally, we are increasingly leveraging AI and see many more opportunities to improve the efficiency of software engineering, manufacturing automation, customer service, graphic design, category management, marketing, and general & administrative functions while increasing the velocity of customer-facing improvements. Please see non-GAAP reconciliations at the end of this document. Page 3 of 30

Why We Remain Confident In my July 31st letter to investors and in our September 10th investor day we detailed a number of areas where Cimpress has been making multi-year progress that make us confident about our future. This progress continued in Q2 FY2025 and we remain on the same strategic and operational path we have been on for several years: strengthening the value we deliver to our customers, improving our efficiency and accelerating the velocity with which we drive improvements. That drives our confidence that, despite occasional near-term financial volatility like we saw in the last quarter, we can drive attractive multi-year growth in revenue, adjusted EBITDA and per-share cash flows over the coming years. In the remainder of this section, we review specific examples of this progress. Strong Growth in New Product Categories • For more than five years we have been successfully expanding into product categories for mass customized print products that have higher complexity of production processes and/or supply chains than our legacy products. • Examples of these higher-growth products are packaging, roll labels, large format signage, logo apparel, promotional products, labels, catalogs, magazines, booklets and books. The TAM of these product categories is multiple times larger than that of our mature legacy categories such as business cards, postcards, flyers, simple signs, photo merchandise and holiday cards. • In total, these higher-growth categories now drive well over $1.5 billion of annual Cimpress revenues and are growing at double digit rates. For example, in H1 Vista's bookings from product categories other than business cards and consumer grew 11% year over year. • Though some of these higher-growth categories have lower gross margins (i.e., expressed as a percent of revenue) than some of our legacy product categories, they typically generate higher customer lifetime gross profit (i.e., expressed as dollars) compared to our legacy products since they have higher average order values and higher repeat order rates. We also have clear opportunities to reduce per-unit cost from today's levels as their volumes grow. • We have a robust pipeline of promising new products in these higher-growth categories that will launch during the remainder of the fiscal year. These new products are one of the drivers of our previously described expectation for increased capital expenditures in FY2025. Cross-Cimpress Fulfillment • As of today the vast majority of our production volume is split across multiple facilities within Cimpress, meaning that often we produce the same product categories in multiple locations. Because our scale-based manufacturing advantages typically occur on a product-by-product basis, we have the opportunity to lower cost and improve quality, speed and utilization of our invested capital by aggregating volume into focused production hubs. We have launched multiple cross-Cimpress fulfillment pilot projects to do so, enabled by our investments in MCP capabilities over the last years. • The following are examples of cross-Cimpress fulfillment pilot projects from the past six months: ◦ Using fulfillment from Pixartprinting, Vista Europe was able to significantly reduce prices on roll labels while maintaining its gross margin as a percentage of revenue; volume increased 150% year-over-year in H1. ◦ In Vista North America, fulfillment of promotional products from National Pen and signage from BuildASign, measured as the cost of goods excluding shipping, grew 125% year-over-year to more than $8 million in Q2, making Vista more competitive in the high growth categories of promotional products and large format signage. ◦ We are moving production of high-volume flyers for Vista's European customers from Vista's Dutch production facility to our Upload & Print businesses, since our Upload & Print businesses have production lines that are better suited for these order quantities and that are closer to end- customers. More than half of the volume has already shifted and 100% should shift by the end of FY2025. ◦ The transfer of Vista's high-volume flyers to Upload & Print and signage to BuildASign is freeing up production space in Vista's Dutch and Canadian facilities that is now being used for new, highly automated production lines for custom paper bags that Vista will fulfill for multiple Cimpress businesses. ◦ In total, the amount of production costs that our businesses are fulfilling on each other's behalf has more than doubled year over year. Please see non-GAAP reconciliations at the end of this document. Page 4 of 30

◦ We believe we have many more cross-Cimpress fulfillment opportunities like this in the coming years. • In the early stages of this type of production consolidation we sometimes see reduced absorption of manufacturing fixed costs in the facility from which we transfer volume, but this will allow us to avoid capital and other overhead for plant expansion as we utilize that space for focused production hubs for other products. Bringing Upload & Print to the U.S. Market • Cimpress has been very successful in Europe with our Upload & Print businesses, generating approximately $1 billion of annual revenue with EBITDA margins in the mid-teens and attractive free cash flow generation. Our Upload & Print business model serves customers who have strong graphic design skills and who need access to production of a wide variety of products, including great strength in our growth product categories that require more complex production processes. • We are proud to announce today that, based on that European experience, Pixartprinting will open for business in the U.S. in Q4 FY2025. Pixartprinting will leverage its modern, flexible technology stack (built on MCP) and its very strong production capabilities that it will bring to market via a new state-of-the art Upload & Print production facility in western Pennsylvania. This North American Upload & Print production facility is one of the drivers of our previously described expectation for increased capital expenditures in FY2025. • Pixartprinting's U.S. expansion will also leverage cross-Cimpress fulfillment from BuildASign, National Pen and Vista North America to have a broader and deeper product line. • Pixartprinting's Pennsylvania facility will be another example of a focused production hub that fulfills not just for Pixartprinting, but also for Vista and other parts of Cimpress, providing access to new products. Vista-Specific Progress While Vista benefits from the previously described examples, there are a few additional Vista-specific items to note: • Revenue from consumer products was lower year over year in Q2 FY2025, inclusive of the Canadian postal strike. However, consumer product bookings have been growing modestly in non-holiday quarters and this has continued in January 2025. • Vista continued its multi-year track record of improving gross profit per customer in Q2. First order gross profit for new customers was the highest on record, reflective of the dynamics of the higher-growth categories previously described. • In Q2, Vista grew bookings at rates that ranged from high-single-digits to high-teens in promotional products, apparel, signage, and packaging and labels, supported by new product introductions and improved product recommendations and design experiences. • Vista continued to evolve its media mix for better returns across our marketing funnel. In the U.S., evolving advertising spend drove brand salience to its highest level in more than two years. Outlook Our multi-year financial outlook remains healthy despite the turbulence we experienced in the most recent quarter. We remain committed to our multi-year guidance of achieving mid-single digit revenue growth (possibly a bit higher), a faster growth rate of adjusted EBITDA, and a conversion rate of adjusted EBITDA to adjusted free cash flow of approximately 45% to 50%, with fluctuations from year to year. We don't expect to achieve this for FY2025 in light of results through the first half of this year and the very strong EBITDA and cash flow we delivered in the FY2024 comparison period. Our multi-year outlook is now based upon our current FY2025 expectations, which are as follows: • Revenue ◦ H2 FY2025: at least 3% on a reported basis (assuming recent currency rates) and 4% on an organic constant-currency basis. Year-over-year bookings growth in January 2025 month to date is consistent with this revised outlook, including Vista where bookings growth is higher than Q2. ◦ FY2025: at least 3% on a reported basis and 4% on an organic constant-currency basis. • Operating income ◦ H2 FY2025: at least $113.7 million, an increase of at least 7% over H2 FY2024. ◦ FY2025: at least $233.9 million, a decrease of no more than 5% compared to FY2024. Please see non-GAAP reconciliations at the end of this document. Page 5 of 30

• Adjusted EBITDA ◦ H2 FY2025: at least $220 million, an increase of at least 3% over H2 FY2024. ◦ FY2025: at least $440 million, a decrease of no more than 6% compared to FY2024. • Net cash provided by operating activities ◦ H2 FY2025: at least $109 million. We experienced strong seasonal inflows from working capital in Q2 FY2025 and, as usual, we expect to have outflows from working capital in Q3. For the second half of the year, we expect the impact of changes in working capital to be less favorable than last year. ◦ FY2025: at least $289 million. • Adjusted free cash flow ◦ H2 FY2025: at least $50 million. This includes an expectation of approximately $30 million of capital expenditures and $31 million of capitalized software expense. ◦ FY2025: at least $157 million. This includes an expectation of approximately $74 million of capital expenditures and $62 million of capitalized software expense. • Net leverage ◦ We remain committed to our net leverage target of 2.5x TTM EBITDA as calculated under our credit agreement. ◦ We expect to end FY2025 with net leverage that is approximately 3.0x given the above expectations for FY2025 profitability and free cash flow. The outlook commentary above does not consider potential changes to trade laws or tariffs that may be implemented by the new U.S. administration, if any. Conclusion We have improved our business dramatically over the last years and we continued to progress in Q2 against our well established operational objectives, even though our Q2 financial results don't reflect that progress. We are hard at work to extend our long history of profitable growth and to further improve the per-share value we deliver to you who have entrusted your capital to us. Sincerely, Robert S. Keane Founder, Chairman & CEO Cimpress will host a public earnings call tomorrow, January 30, 2025 at 8:00 am ET, which you can join via the link on the events section of ir.cimpress.com. You may presubmit questions by emailing ir@cimpress.com, and you may also ask questions via chat during the live call. Please see non-GAAP reconciliations at the end of this document. Page 6 of 30

SUMMARY CONSOLIDATED RESULTS: THREE-YEAR TREND $ in thousands, except percentages REVENUE BY REPORTABLE SEGMENT, TOTAL REVENUE AND INCOME FROM OPERATIONS: Q2 FY2023 Q2 FY2024 Q2 FY2025 YTD FY2023 YTD FY2024 YTD FY2025 Vista 1 $ 438,063 $ 485,445 $ 497,677 $ 807,652 $ 882,295 $ 927,171 PrintBrothers 1 148,792 165,551 174,508 281,593 318,124 334,923 The Print Group 1 88,139 92,135 98,628 164,198 171,572 182,700 National Pen 1 120,492 130,096 131,423 202,039 216,892 224,827 All Other Businesses 1 59,745 59,762 60,333 111,296 111,187 117,476 Inter-segment eliminations 1 (10,029) (11,626) (23,410) (18,161) (21,413) (42,969) Total revenue $ 845,202 $ 921,363 $ 939,159 $ 1,548,617 $ 1,678,657 $ 1,744,128 Reported revenue growth (1) % 9 % 2 % 3 % 8 % 4 % Organic constant currency revenue growth 5 % 6 % 2 % 9 % 5 % 4 % Income from operations $ 33,578 $ 107,679 $ 80,949 $ 15,611 $ 141,779 $ 120,288 Income from operations margin 4 % 12 % 9 % 1 % 8 % 7 % EBITDA BY REPORTABLE SEGMENT ("SEGMENT EBITDA") AND ADJUSTED EBITDA: Q2 FY2023 Q2 FY2024 Q2 FY2025 YTD FY2023 YTD FY2024 YTD FY2025 Vista 1 $ 58,991 $ 107,870 $ 92,423 $ 92,835 $ 186,448 $ 169,270 PrintBrothers 1 19,786 28,802 23,333 34,902 49,012 43,489 The Print Group 1 12,483 17,309 18,526 23,939 29,816 36,428 National Pen 1 24,653 25,389 23,299 23,237 16,627 18,541 All Other Businesses 1 5,030 7,371 3,667 10,846 13,389 10,402 Inter-segment elimination 1 (2,407) (2,934) (6,579) (4,394) (5,472) (12,079) Total segment EBITDA $ 118,536 $ 183,807 $ 154,669 $ 181,365 $ 289,820 $ 266,051 Central & corporate costs ex unallocated SBC (35,569) (32,084) (37,834) (71,104) (64,212) (73,012) Unallocated share-based compensation 1,767 (3,883) 670 2,724 (3,535) (1,164) Exclude: share-based compensation expense 2 11,547 17,649 14,373 22,022 30,102 30,006 Include: Realized gains (losses) on certain currency derivatives not included in segment EBITDA 14,901 945 375 21,770 2,995 (1,857) Adjusted EBITDA $ 111,182 $ 166,434 $ 132,254 $ 156,777 $ 255,170 $ 220,025 Adjusted EBITDA margin 13 % 18 % 14 % 10 % 15 % 13 % Adjusted EBITDA year-over-year (decline) growth (22) % 50 % (21) % (25) % 63 % (14) % 1 During the first quarter of fiscal year 2025, we implemented changes to the methodology used for inter-segment transactions for purposes of measuring and reporting our segment financial performance. Under the new approach, a merchant business (the buyer) is cross charged the actual cost of fulfillment that includes product (e.g., labor, materials and overhead allocation) and shipping costs. A fulfiller business (the seller) receives inter-segment revenue that includes the product costs plus a markup, as well as the shipping costs. The fulfiller profit is included in the fulfiller’s segment results, but eliminated from consolidated reporting through an inter-segment EBITDA elimination. We have revised the prior periods starting in Q1 FY2023 to incorporate this change. Please refer to the Q1 FY2025 Guide to Reporting Changes at ir.cimpress.com for more information. 2 SBC expense listed above excludes the portion included in restructuring-related charges to avoid double counting. Please see non-GAAP reconciliations at the end of this document. Page 7 of 30

SUMMARY CONSOLIDATED RESULTS: THREE-YEAR TREND (CONTINUED) $ in thousands CASH FLOW AND OTHER METRICS: Q2 FY2023 Q2 FY2024 Q2 FY2025 YTD FY2023 YTD FY2024 YTD FY2025 Net cash provided by (used in) operating activities $ 81,126 $ 174,946 $ 176,519 $ 55,875 $ 217,200 $ 180,903 Net cash provided by (used in) investing activities (5,526) (19,569) (37,559) (106,569) (30,395) (63,061) Net cash provided by (used in) financing activities (100,935) (12,090) (58,660) (112,715) (47,155) (94,076) Adjusted free cash flow1 53,721 149,961 133,522 1,504 160,889 107,904 Cash interest, net1 32,806 39,591 16,837 45,792 60,481 48,373 COMPONENTS OF ADJUSTED FREE CASH FLOW: Q2 FY2023 Q2 FY2024 Q2 FY2025 YTD FY2023 YTD FY2024 YTD FY2025 Adjusted EBITDA $ 111,182 $ 166,434 $ 132,254 $ 156,777 $ 255,170 $ 220,025 Cash restructuring payments (1,896) (1,223) (225) (9,827) (6,938) (358) Cash (paid) received for income tax (6,909) (10,640) (13,215) (11,166) (26,434) (11,386) Other changes in net working capital and other reconciling items 11,555 59,966 74,542 (34,117) 55,883 20,995 Purchases of property, plant and equipment (14,732) (11,390) (26,418) (26,490) (33,955) (43,419) Capitalization of software and website development costs (13,916) (13,947) (16,677) (29,246) (28,344) (31,248) Proceeds from sale of assets 1,243 352 98 1,365 5,988 1,668 Adjusted free cash flow before cash interest, net $ 86,527 $ 189,552 $ 150,359 $ 47,296 $ 221,370 $ 156,277 Cash interest, net1 (32,806) (39,591) (16,837) (45,792) (60,481) (48,373) Adjusted free cash flow1 $ 53,721 $ 149,961 $ 133,522 $ 1,504 $ 160,889 $ 107,904 1 Cash interest, net is cash interest payments, partially offset by cash interest received on our cash and marketable securities. Please see non-GAAP reconciliations at the end of this document. Page 8 of 30

INCOME STATEMENT HIGHLIGHTS Revenue ($M) & Reported Revenue Growth (Decline) $845 $742 $789 $757 $921 $781 $833 $805 $939 (1)% 13% 9% 8% 9% 5% 6% 6% 2% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Gross Profit ($M) & Gross Margin (%) $390 $347 $376 $359 $458 $376 $404 $382 $450 46% 47% 48% 47% 50% 48% 49% 47% 48% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 GAAP Operating Income (Loss) ($M) & Margin (%) (Quarterly) $34 ($12) $54 $34 $108 $39 $66 $39 $81 4% (2)% 7% 5% 12% 5% 8% 5% 9% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Adjusted EBITDA ($M) & Margin (%) (Quarterly) $111 $69 $114 $89 $166 $94 $119 $88 $132 13% 9% 14% 12% 18% 12% 14% 11% 14% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Organic Constant-Currency Revenue Growth 5% 16% 9% 4% 6% 4% 6% 6% 2% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Contribution Profit ($M) & Contribution Margin (%) $259 $236 $267 $236 $319 $260 $286 $254 $303 31% 32% 34% 31% 35% 33% 34% 32% 32% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 GAAP Operating Income (Loss) ($M) & Margin (%) (TTM) ($40) ($24) $57 $109 $183 $235 $247 $253 $226 (1)% (1)% 2% 3% 6% 7% 8% 8% 7% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Adjusted EBITDA ($M) & Margin (%) (TTM) $228 $264 $340 $383 $438 $463 $469 $468 $434 8% 9% 11% 12% 14% 14% 14% 14% 13% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Please see non-GAAP reconciliations at the end of this document. Page 9 of 30

CASH FLOW Cash Flow from Operations ($M) (Quarterly) $81 $13 $62 $42 $175 $8 $125 $4 $177 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Adjusted Free Cash Flow & Cash Interest, Net ($M) (Quarterly) $54 ($13) $35 $11 $150 ($17) $117 ($26) $134$33 $17 $40 $21 $40 $19 $39 $32 $17 FCF Cash interest, net Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Capital Expenditures & Capitalization of Software & Website Development Costs ($M) (Quarterly) (1) $15 $11 $16 $23 $11 $10 $11 $17 $26 $14 $15 $14 $14 $14 $15 $15 $15 $17 $29 $26 $30 $37 $25 $25 $26 $32 $43 Capital expenditures Capitalized software Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 (1) Values may not sum to total due to rounding. Cash Flow from Operations ($M) (TTM) $96 $156 $130 $198 $292 $287 $351 $313 $314 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Adjusted Free Cash Flow & Cash Interest, Net ($M) (TTM) $(8) $59 $23 $87 $183 $179 $261 $225 $208 $92 $96 $103 $110 $117 $119 $118 $129 $106 FCF Cash interest, net Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Capital Expenditures & Capitalization of Software & Website Development Costs ($M) (TTM) $54 $49 $54 $65 $61 $61 $55 $49 $64 $62 $60 $58 $57 $57 $57 $58 $58 $61 $116 $109 $112 $122 $118 $118 $113 $107 $125 Capital expenditures Capitalized software Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Please see non-GAAP reconciliations at the end of this document. Page 10 of 30

CAPITAL STRUCTURE Net Debt (1) ($M) Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Cash / equivalents $ 111 $ 115 $ 130 $ 125 $ 274 $ 154 $ 204 $ 153 $ 224 Marketable securities $ 102 $ 75 $ 43 $ 23 $ 17 $ 6 $ 5 $ — $ — HY notes $ (600) $ (600) $ (548) $ (527) $ (522) $ (522) $ (522) $ (525) $ (525) Term loans $ (1,100) $ (1,103) $ (1,099) $ (1,087) $ (1,098) $ (1,088) $ (1,085) $ (1,084) $ (1,078) Revolver $ — $ — $ — $ — $ — $ — $ — $ — $ — Other debt $ (7) $ (8) $ (7) $ (6) $ (6) $ (5) $ (10) $ (9) $ (7) Net debt $ (1,494) $ (1,520) $ (1,481) $ (1,473) $ (1,335) $ (1,454) $ (1,408) $ (1,465) $ (1,386) (1) Excludes debt issuance costs, debt premiums and discounts. Values may not sum to total due to rounding. Weighted Average Shares Outstanding (Millions) (2) 26.2 26.3 26.3 26.5 26.6 26.2 25.3 25.2 25.0 26.2 26.3 26.6 27.1 27.2 26.2 26.6 25.2 25.9 Basic Diluted Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 (2) Basic and diluted shares are the same in certain periods where we reported a GAAP net loss. Consolidated Net Leverage Ratios (3) 5.52 4.83 3.90 3.51 2.87 3.01 2.97 3.13 3.12 3.34 2.97 2.49 2.29 1.78 1.95 1.90 2.04 1.96 Consolidated net leverage Senior secured net leverage Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 (3) Consolidated Net Leverage Ratios as calculated per our credit agreement definitions. Please see non-GAAP reconciliations at the end of this document. Page 11 of 30

SEGMENT RESULTS VISTA (QUARTERLY) Revenue ($M) & Reported Revenue Growth (Decline) Quarterly (1) $438 $397 $410 $397 $485 $418 $442 $429 $498 (2)% 14% 11% 7% 11% 5% 8% 8% 3% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Gross Profit ($M) & Gross Margin (%) Quarterly (1) $233 $222 $233 $223 $278 $235 $253 $235 $274 53% 56% 57% 56% 57% 56% 57% 55% 55% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Segment EBITDA ($M) & Segment EBITDA Margin (%) Quarterly (1) $59 $64 $81 $79 $108 $77 $85 $77 $92 13% 16% 20% 20% 22% 18% 19% 18% 19% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Organic Constant-Currency Revenue Growth Quarterly (1) 2% 16% 12% 6% 9% 5% 8% 8% 3% Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Advertising ($M) & as % of Revenue Quarterly (1)(2) $77 $57 $60 $58 $80 $63 $71 $65 $86 $57 $47 $42 $46 $55 $48 $51 $48 $62 $20 $10 $18 $11 $25 $15 $19 $17 $24 18% 15% 15% 15% 16% 15% 16% 15% 17% Lower-funnel ($M) Mid- & upper-funnel ($M) Total as % of revenue Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 (1) During Q1 FY2025, we recast our segment results back to Q1 FY2023 to reflect a reporting change to inter-segment activity. Please see our "Guide to Reporting Changes" at ir.cimpress.com for details. (2) Values may not sum to total due to rounding. Please see non-GAAP reconciliations at the end of this document. Page 12 of 30

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会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をすべてご覧になるには株探プレミアムの登録が必要です。初めての方には「30日間の無料体験」実施中！会社開示情報をす

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