CIMPRESS plc

Previous wording

As of December 31, 2025, we have numerous operating segments under our management reporting structure that are reported in the following five reportable segments: Vista, PrintBrothers, The Print Group, National Pen, and All Other Businesses. For purposes of measuring and reporting our segment financial performance, we made updates to our previously implemented methodology for inter-segment transactions during the first quarter of fiscal 2026. These transactions occur when one Cimpress business buys from or sells to another Cimpress business. Under the updated methodology, a merchant business (the buyer) is cross charged the variable cost of fulfillment that includes labor, materials and shipping costs, which excludes the previously included overhead allocation. We also updated our internal organizational structure, which included the transfer of two teams from our Vista reportable segment into our central functions. We have recast the prior periods presented for segment revenue and segment EBITDA for both changes to ensure comparability with the current fiscal year. These changes have no impact on our consolidated financial results. Refer to Note 11 in our accompanying consolidated financial statements for additional information relating to our reportable segments and our segment financial measures.

Current wording

As of March 31, 2026, we have numerous operating segments under our management reporting structure that are reported in the following five reportable segments: VistaPrint, PrintBrothers, The Print Group, National Pen, and All Other Businesses. For purposes of measuring and reporting our segment financial performance, we made updates to our previously implemented methodology for inter-segment transactions during the first quarter of fiscal 2026. These transactions occur when one Cimpress business buys from or sells to another Cimpress business. Under the updated methodology, a merchant business (the buyer) is cross charged the variable cost of fulfillment that includes labor, materials and shipping costs, which excludes the previously included overhead allocation. We also updated our internal organizational structure, which included the transfer of two teams from our VistaPrint reportable segment into our central functions. We have recast the prior periods presented for segment revenue and segment EBITDA for both changes to ensure comparability with the current fiscal year. These changes have no impact on our consolidated financial results. Refer to Note 11 in our accompanying consolidated financial statements for additional information relating to our reportable segments and our segment financial measures.

Previous wording

The primary financial metric by which we set quarterly and annual budgets both for individual businesses and Cimpress wide is our adjusted free cash flow before net cash interest payments; however, in evaluating the financial condition and operating performance of our business, management considers a number of metrics including revenue growth, constant-currency revenue growth, organic constant-currency revenue growth (which excludes the impact of acquisitions/divestitures), operating income, net income, adjusted EBITDA, cash flow from operations, and adjusted free cash flow. Reconciliations of our non-GAAP financial measures are included within the "Consolidated Results of Operations" and "Additional Non-GAAP Financial Measures" sections of Management's Discussion and Analysis. A summary of these key financial metrics for the three and six months ended December 31, 2025 as compared to the three and six months ended December 31, 2024 follows:

Current wording

The primary financial metric by which we set quarterly and annual budgets both for individual businesses and Cimpress wide is our adjusted free cash flow before net cash interest payments; however, in evaluating the financial condition and operating performance of our business, management considers a number of metrics including revenue growth, constant-currency revenue growth, organic constant-currency revenue growth (which excludes the impact of acquisitions/divestitures), operating income, net income, adjusted EBITDA, cash flow from operations, and adjusted free cash flow. Reconciliations of our non-GAAP financial measures are included within the "Consolidated Results of Operations" and "Additional Non-GAAP Financial Measures" sections of Management's Discussion and Analysis. A summary of these key financial metrics for the three and nine months ended March 31, 2026 as compared to the three and nine months ended March 31, 2025 follows:

Previous wording

•Adjusted EBITDA (a non-GAAP financial measure) increased by $6.6 million to $138.8 million.

Current wording

•Adjusted EBITDA (a non-GAAP financial measure) increased by $9.8 million to $100.5 million.

Previous wording

•Diluted net income per share attributable to Cimpress plc increased by $0.40 to $2.26.

Current wording

•Diluted net income per share attributable to Cimpress plc increased by $0.88 to $0.55.

Previous wording

•Adjusted EBITDA (a non-GAAP financial measure) increased by $17.5 million to $237.6 million.

Current wording

•Adjusted EBITDA (a non-GAAP financial measure) increased by $27.4 million to $338.1 million.

Previous wording

•Diluted net income per share attributable to Cimpress plc decreased by $0.41 to $1.95.

Current wording

•Diluted net income per share attributable to Cimpress plc increased by $1.25 to $2.81.

Previous wording

•Adjusted free cash flow (a non-GAAP financial measure) decreased by $1.3 million to $106.6 million.

Current wording

•Adjusted free cash flow (a non-GAAP financial measure) decreased by $25.2 million to $52.0 million.

Previous wording

For the three and six months ended December 31, 2025, the increases in reported consolidated revenue were driven by external revenue growth across all of our reportable segments, as well as currency benefits and the addition of revenue from a recently acquired business in our PrintBrothers reportable segment. The largest contributor of the organic constant currency revenue growth came from our Vista business and was driven by growth across all major markets. Revenue growth continued to be strong across our assortment of elevated products, including double-digit growth in promotional products, apparel and gifts (PPAG) and packaging and labels.

Current wording

For the three and nine months ended March 31, 2026, the increases in reported consolidated revenue were driven by external revenue growth across all of our reportable segments, as well as currency benefits and the addition of revenue from a recent tuck-in acquisition in our PrintBrothers reportable segment. The largest contributor of the organic constant-currency revenue growth was our VistaPrint business, driven by growth across all regions. Revenue growth continued to be strong across our assortment of elevated products.

Previous wording

The $12.1 million net income decrease for the three months ended December 31, 2025 and $6.8 million increase for the six months ended December 31, 2025, as compared to the prior year periods, both were partly impacted by volatility from lower unrealized hedging gains, as well as the impact of the operating income increases described above, and lower interest expenses.

Current wording

Net income increased $22.7 million and $29.4 million during the three and nine months ended March 31, 2026, respectively, as compared to the prior-year periods. Both periods were partly impacted by volatility from higher unrealized hedging gains, as well as the impact of the operating income increases described above, and lower interest expenses.

Previous wording

During thesix months ended December 31, 2025, cash from operations increased $8.8 million year over year, primarily driven by the higher net income as described above, offset in part by less favorable changes in net working capital year over year of$12.6 million, primarily due to timing items, as well as higher cash taxes.

Current wording

During thenine months ended March 31, 2026, cash from operations decreased $17.4 million year over year, driven by less favorable changes in net working capital year over year of$36.9 million, primarily due to timing items and unfavorable currency movements, as well as higher cash taxes, which were partially offset by the net income increase described above.

Previous wording

Adjusted free cash flow decreased by $1.3 million for the six months ended December 31, 2025, due to an $8.1 million increase in capitalized expenditures mainly from planned investments in new production equipment and facility expansion and a $2.1 million increase in capitalized software and website development costs, primarily driven by investments in our mass customization platform and related technology enhancements. These increased investments were partially offset by the increase in cash from operations as described above.

Current wording

Adjusted free cash flow decreased by $25.2 million for the nine months ended March 31, 2026, primarily driven by the decrease in cash flow from operations as described above. Adjusted free cash flow was also impacted by a $6.3 million increase in capital expenditures mainly driven by the expansion of our North America production network, and a $2.5 million increase in capitalized software and website development costs, primarily driven by investments in our mass customization platform and related technology enhancements.

Previous wording

The U.S. tariff environment continues to be fluid. Cimpress businesses operate in the U.S., and we have fulfillment operations for U.S. customers in multiple locations in the U.S., Canada and Mexico. Cimpress has multiple exemptions and exclusions from paying tariffs on many of the products we fulfill for U.S. customers in

Current wording

The U.S. tariff environment remains fluid. Cimpress businesses operate in the U.S., and we maintain fulfillment operations for U.S. customers in multiple locations across the U.S., Canada, and Mexico. During the three months ended March 31, 2026, the legal framework for U.S. tariffs was significantly altered by judicial and executive actions. On February 20, 2026, the U.S. Supreme Court invalidated using the International Emergency Economic Powers Act (IEEPA) as a basis to impose the broad tariffs that had been in place since May 2025. Following this ruling, the IEEPA-based duties were terminated and replaced, effective February 24, 2026, with a 10% global tariff under Section 122 of the Trade Act of 1974. By statute, this Section 122 surcharge is temporary and is currently scheduled to expire in July 2026 unless extended by Congress or replaced by other trade measures. The U.S. government is currently investigating additional avenues to implement more permanent tariffs.

Previous wording

Canada and Mexico. The primary impact of tariffs on Cimpress continues to be for promotional products that we source from China and several other countries. After the elimination of the de minimis exemption for shipments under $800 per day to individual U.S. customers in May 2025 for Chinese-sourced goods and August 2025 for goods from other countries, we increased our pricing on impacted products. To date, we have been able to minimize most, but not all, of the impact of the new tariffs through supply chain optimization and pricing changes.

Current wording

The primary impact of tariffs on Cimpress continues to be for promotional products that we source from China and several other countries. To date, we have continued to minimize most impacts through supply chain optimization and pricing changes.

Previous wording

Our businesses generate revenue primarily from the sale and shipment of customized products. We also generate revenue, to a much lesser extent (and primarily in our Vista business), from digital services, graphic design services, website design and hosting, and social media marketing services, as well as a small percentage of revenue from order referral fees and other third-party offerings. For additional discussion relating to segment revenue results, refer to the "Reportable Segment Results" section included below.

Current wording

Our businesses generate revenue primarily from the sale and shipment of customized products. We also generate revenue, to a much lesser extent (and primarily in our VistaPrint business), from digital services, graphic design services, website design and hosting, and social media marketing services, as well as a small percentage of revenue from order referral fees and other third-party offerings. For additional discussion relating to segment revenue results, refer to the "Reportable Segment Results" section included below.

Previous wording

Total revenue and revenue growth by reportable segment for the three and six months ended December 31, 2025 and 2024 are shown in the following tables. The revenue by reportable segment includes inter-segment transactions, which is when one Cimpress business chooses to buy from or sell to another Cimpress business that is part of a different reportable segment. These transactions are eliminated in the inter-segment elimination line in the tables below.

Current wording

Total revenue and revenue growth by reportable segment for the three and nine months ended March 31, 2026 and 2025 are shown in the following tables. The revenue by reportable segment includes inter-segment transactions, which is when one Cimpress business chooses to buy from or sell to another Cimpress business that is part of a different reportable segment. These transactions are eliminated in the inter-segment elimination line in the tables below.

Previous wording

For the three and six months ended December 31, 2025, the reported revenue growth of $103.0 million and $161.4 million, respectively, was primarily driven by revenue growth in our Vista and PrintBrothers reportable segments. Revenue was positively impacted by $44.6 million and $67.8 million, respectively, from currency exchange rate fluctuations as compared to the prior-year periods. Excluding the effect of changes in currency exchange rates and inter-segment revenue, the largest increases in revenue were from our Vista business with increases of $21.2 million and $41.0 million, respectively, for the three and six months ended December 31, 2025. Vista revenue was higher year over year across all major markets, with the most significant growth in the PPAG and packaging and labels product categories. Our PrintBrothers reportable segment also contributed $24.6 million and $35.7 million, respectively, of increased revenue for the three and six months ended December 31, 2025, excluding the effect of changes in currency exchange rates and inter-segment revenue, partly driven by $17.9 million from the addition of revenue from a recently acquired business, as well as new customer and order volume growth.

Current wording

For the three and nine months ended March 31, 2026, the reported revenue growth of $96.7 million and $258.1 million, respectively, was primarily driven by revenue growth in our VistaPrint and PrintBrothers reportable segments. Revenue was positively impacted by $47.2 million and $113.3 million, respectively, from currency exchange rate fluctuations as compared to the prior-year periods. Excluding the effect of changes in currency exchange rates and inter-segment revenue, the largest increases in revenue were from our VistaPrint business with increases of $13.5 million and $54.5 million, respectively, for the three and nine months ended March 31, 2026. VistaPrint revenue was higher year over year across all regions, with strong growth in elevated products. Our PrintBrothers reportable segment also contributed $24.8 million and $60.5 million, respectively, of increased revenue for the three and nine months ended March 31, 2026, excluding the effect of changes in currency exchange rates and inter-segment revenue, partly driven by $15.1 million and $34.6 million, respectively, from the addition of revenue from a recently acquired business, as well as new customer and order volume growth.

Previous wording

For the three and six months ended December 31, 2025, year-over-year cost of revenue increased by $65.2 million and $103.0 million, respectively, driven by higher internal manufacturing costs of $26.4 million and $38.4 million, respectively, and higher shipping costs of $9.2 million and $14.2 million, respectively, primarily driven by volume-related increases. Internal manufacturing costs were also impacted by start-up costs for new manufacturing facilities in North America of $1.5 million and $1.6 million, respectively. The increase in cost of revenue was also influenced by higher third-party fulfillment costs of $19.1 million and $33.3 million, due in part to product mix shifts toward faster-growing product categories that leverage our third-party fulfillment network. The cost of revenue increase was impacted by tariff-related cost increases in the U.S., which have largely been offset by price increases, as well as the impact of currency exchange rate fluctuations of $25.8 million and $39.8 million, respectively.

Current wording

For the three and nine months ended March 31, 2026, year-over-year cost of revenue increased by $60.1 million and $163.0 million, respectively, driven by higher internal manufacturing costs of $18.9 million and $57.3 million, respectively, and higher shipping costs of $4.8 million and $19.0 million, respectively, primarily driven by volume-related increases. Internal manufacturing costs were also impacted by start-up costs from the expansion of our North America production network of $4.6 million and $7.6 million, respectively, and costs from a recent tuck- in acquisition in the PrintBrothers reportable segment of $6.7 million and $14.9 million, respectively. The increase in cost of revenue was also influenced by higher third-party fulfillment costs of $23.0 million and $56.3 million, respectively, partly due to business and product mix shifts that leverage our third-party fulfillment network. The cost of revenue increase was impacted by tariff-related cost increases in the U.S., which were more pronounced during the first half of the fiscal year and have largely been offset by price increases, as well as the impact of currency exchange rate fluctuations of $30.0 million and $69.8 million, respectively. These increases were partially offset by a year-over-year benefit from the non-recurrence of a $2.6 million impairment charge, recognized in the three months ended March 31, 2025, related to the sale of a facility in our National Pen business.

Previous wording

Marketing and selling expense primarily consists of advertising and promotional costs; payroll and related expenses for our employees engaged in marketing, sales, customer support, and public relations activities; direct-mail advertising costs; and third-party payment processing fees. Our Vista, National Pen, and BuildASign businesses have higher marketing and selling costs as a percentage of revenue as compared to our PrintBrothers and The Print Group businesses due to differences in the customers that they serve.

Current wording

Marketing and selling expense primarily consists of advertising and promotional costs; payroll and related expenses for our employees engaged in marketing, sales, customer support, and public relations activities; direct-mail advertising costs; and third-party payment processing fees. Our VistaPrint, National Pen, and BuildASign businesses have higher marketing and selling costs as a percentage of revenue as compared to our PrintBrothers and The Print Group businesses due to differences in the customers that they serve.

Previous wording

For the three and six months ended December 31, 2025, year-over-year marketing and selling expenses increased by $22.3 million and $28.9 million, respectively, partly due to higher advertising spend of $12.8 million and $14.6 million, respectively, as compared to the prior-year periods, largely due to volume-driven increases, as well as targeted advertising investments in certain businesses. Advertising expense as a percentage of revenue was lower year-over-year for both periods presented. In addition, marketing and selling expense increases reflected higher cash compensation costs of $7.2 million and $11.2 million, respectively, from our annual merit cycle, as well as targeted hiring in our Vista business.

Current wording

For the three and nine months ended March 31, 2026, year-over-year marketing and selling expenses increased by $15.2 million and $44.1 million, respectively, partly due to higher year-over-year advertising spend of $3.3 million and $17.9 million, respectively, largely due to volume-driven increases, as well as targeted advertising investments in certain businesses. Despite those increases, advertising expense as a percentage of revenue was lower year over year for both periods presented. In addition, the marketing and selling expense increases reflected higher cash compensation costs of $7.9 million and $19.0 million, respectively, driven in part by our annual merit cycle.

Previous wording

For the three and six months ended December 31, 2025, year-over-year general and administrative expenses increased by $3.3 million and $5.3 million, respectively, driven by an increase in cash compensation costs of $3.2 million and $5.9 million, respectively, primarily influenced by the timing of our annual merit cycle. In addition, for the six months ended December 31, 2025, the increase was also impacted by $1.9 million of expense associated with a sales tax reserve. These increases were partially offset by lower long-term incentive cash compensation costs of $1.6 million and $2.9 million, respectively, due to changes in the estimated payout for certain businesses. There was also a year-over-year benefit from the non-recurrence of a $2.9 million charge recognized in the three and six months ended December 31, 2024 for a land duty tax that we continue to contest in Australia related to our 2019 redomiciliation to Ireland.

Current wording

For the three and nine months ended March 31, 2026, year-over-year general and administrative expenses increased by $8.4 million and $13.7 million, respectively, driven by higher year-over-year cash compensation costs of $4.9 million and $10.8 million, respectively, primarily from our annual merit cycle, as well as higher year-over-year share-based compensation of $1.2 million and $1.0 million, respectively. These increases were partially offset by lower long-term incentive cash compensation costs of $0.7 million and $3.6 million, respectively, due to changes in the estimated payout for certain businesses. In addition, for the nine months ended March 31, 2026, the increase was impacted by a $1.9 million expense associated with a sales tax reserve, more than offset by a year-over-year benefit from the non-recurrence of a $2.9 million charge recognized in the nine months ended March 31, 2025 for a land duty tax that we continue to contest in Australia related to our 2019 redomiciliation to Ireland.

Previous wording

The following table summarizes the components of other income, net:

Current wording

The following table summarizes the components of other income (expense), net:

Previous wording

For the three and six months ended December 31, 2025, the year-over-year changes in other income, net were primarily due to the currency exchange rate volatility impacting our derivatives that are not designated as hedging instruments, of which our Euro and GBP contracts are the most significant exposures that we economically hedge. We expect volatility to continue in future periods, as we do not apply hedge accounting for most of our derivative currency contracts.

Current wording

For the three and nine months ended March 31, 2026, the year-over-year changes in other income (expense), net were primarily due to the currency exchange rate volatility impacting our derivatives that are not designated as hedging instruments, of which our Euro and GBP contracts are the most significant exposures that we economically hedge. We expect volatility to continue in future periods, as we do not apply hedge accounting for most of our derivative currency contracts.

Previous wording

For the three and six months ended December 31, 2025, the year-over-year interest expense, net decreased $2.2 million and $5.5 million, respectively, primarily due to a lower weighted average interest rate (net of interest rate swaps) on our senior secured Term Loan B partly from our repricing action in December 2024 that reduced the credit spread on our outstanding debt.

Current wording

For the three and nine months ended March 31, 2026, the year-over-year interest expense, net decreased $1.6 million and $7.1 million, respectively, primarily due to a lower weighted-average interest rate (net of interest rate swaps) on our senior secured term loan partly from our repricing action in December 2024 that reduced the credit spread on our outstanding debt.

Previous wording

We believe that our income tax reserves are adequately maintained by taking into consideration both the technical merits of our tax return positions and ongoing developments in our income tax audits. However, the final determination of our tax return positions, if audited, is uncertain, and therefore there is a possibility that final resolution of these matters could have a material impact on our results of operations or cash flows. Refer to Note 9 in our accompanying consolidated financial statements for additional details.

Current wording

For the three and nine months ended March 31, 2026, income tax expense was in line with the prior comparative periods. Our effective tax rate continues to be negatively impacted by losses in certain jurisdictions where we are unable to recognize a tax benefit in the current period. These losses with no tax benefit were excluded in calculating income tax expense for all periods presented, in accordance with GAAP. We believe that our income tax reserves are adequately maintained by taking into consideration both the technical merits of our tax return positions and ongoing developments in our income tax audits. However, the final determination of our tax return positions, if audited, is uncertain, and therefore there is a possibility that final resolution of these matters could have a material impact on our results of operations or cash flows. Refer to Note 9 in our accompanying consolidated financial statements for additional details.

Previous wording

For purposes of measuring and reporting our segment financial performance, we made updates to our previously implemented methodology for inter-segment transactions during the first quarter of fiscal 2026. These transactions are when one Cimpress business chooses to buy from or sell to another Cimpress business in another reportable segment. We also updated our internal organizational structure, which included the transfer of two teams from our Vista reportable segment into our central functions. We have recast the prior periods presented for segment revenue and segment EBITDA for both changes to ensure comparability with the current fiscal year. These changes have no impact on our consolidated financial results. Refer to Note 11 in our accompanying consolidated financial statements for additional details.

Current wording

For purposes of measuring and reporting our segment financial performance, we made updates to our previously implemented methodology for inter-segment transactions during the first quarter of fiscal 2026. These transactions are when one Cimpress business chooses to buy from or sell to another Cimpress business in another reportable segment. We also updated our internal organizational structure, which included the transfer of two teams from our VistaPrint reportable segment into our central functions. We have recast the prior periods presented for segment revenue and segment EBITDA for both changes to ensure comparability with the current fiscal year. These changes have no impact on our consolidated financial results. Refer to Note 11 in our accompanying consolidated financial statements for additional details.

Previous wording

Vista's reported revenue growth for the three and six months ended December 31, 2025 was 7% for both periods, and was positively affected by currency exchange rate fluctuations of 2%, resulting in constant-currency revenue growth of 5% for both periods presented. Revenue growth for the three and six months ended December 31, 2025 was stronger for elevated products including promotional products, apparel and gifts and packaging and labels. Partially offsetting growth in elevated products was a 1% decline in business card and stationery products in each period. Geographically, all regions drove revenue growth, with faster growth in North America during the second quarter.

Current wording

VistaPrint's reported revenue growth for the three and nine months ended March 31, 2026 was 7% for both periods, and was positively affected by currency exchange rate fluctuations of 4% and 3%, respectively, resulting in constant-currency revenue growth of 3% and 4%, respectively. For the three and nine months ended March 31, 2026, VistaPrint had strong growth in elevated products, partially offset by year-over-year declines of 3% and 2%, respectively, in business card and stationery products. Geographically, all regions drove revenue growth for both comparative periods, however, during the current quarter, severe weather events in North America caused weakness in January and February, which was followed by an acceleration of growth in March.

Previous wording

Vista's segment EBITDA for the three and six months ended December 31, 2025, increased by $9.8 million and $18.6 million, respectively, primarily due to gross profit growth of $19.3 million and $34.7 million, respectively, which was driven by the revenue growth described above. Partially offsetting the increase in gross profit was a $7.3 million and $8.7 million increase in advertising spend, respectively, that was primarily related to increases in performance advertising spend. In addition, operating expenses increased by $1.1 million and $5.7 million, respectively, driven by compensation increases from our annual merit cycle and costs associated with improved customer self-service features to improve customer care efficiency. Segment EBITDA growth was partially offset by approximately $2 million of impact from the hurricane that hit Jamaica in late October 2025, a portion of which may be recoverable through insurance in future periods. For the three and six months ended December 31, 2025, fluctuations in currency exchange rates benefited segment EBITDA year-over-year by $3.3 million and $4.2 million, respectively.

Current wording

VistaPrint's segment EBITDA for the three and nine months ended March 31, 2026, increased by $5.7 million and $24.3 million, respectively, primarily due to gross profit growth of $14.6 million and $49.3 million, respectively, which was driven by the revenue growth described above. Partially offsetting the increases in gross profit were increases in advertising spend of $2.5 million and $11.2 million, respectively, that were primarily related to increases in performance advertising spend, which as a percentage of revenue was lower versus the prior comparative periods. In addition, operating expenses increased by $6.8 million and $12.5 million, respectively, driven by compensation increases from our annual merit cycle and costs associated with customer self-service features to improve customer care efficiency. Segment EBITDA growth was dampened by start-up costs for new manufacturing facilities in North America of $5.1 million for both periods, which included the transfer of $1.8 million of costs from the first half of the fiscal year from our central and corporate costs. For the three and nine months ended March 31, 2026, fluctuations in currency exchange rates benefited segment EBITDA year over year by $2.9 million and $7.1 million, respectively.

Previous wording

PrintBrothers' reported revenue growth for the three and six months ended December 31, 2025 was positively affected by currency exchange rate fluctuations of 10% and 9%, respectively, resulting in organic constant currency revenue growth, excluding the impact of a tuck-in acquisition, of 6% and 7%, respectively. Organic constant-currency revenue growth was driven primarily by customer and order volume growth across the businesses. The growth in customer and order volume was offset in part by a continuing shift to lower overall order values in certain product categories.

Current wording

PrintBrothers' reported revenue growth for the three and nine months ended March 31, 2026 was positively affected by currency exchange rate fluctuations of 13% and 10%, respectively, and a tuck-in acquisition which positively impacted revenue growth by 9% and 7%, respectively, resulting in organic constant-currency revenue growth of 8% and 7%, respectively. Organic constant-currency revenue growth was driven primarily by customer and order volume growth across the businesses, as well as volumes related to regional elections which benefited a portion of the current-year periods.

Previous wording

PrintBrothers' segment EBITDA for the three and six months ended December 31, 2025 increased $4.9 million and $10.5 million, respectively, primarily due to the revenue growth described above, as well as positive year-over-year impacts from currency exchange fluctuations of $2.3 million and $3.9 million, respectively. Additionally, the acquisition within the PrintBrothers' segment contributed $1.3 million of segment EBITDA. This was partially offset by increases in advertising spend of $0.6 million and $1.2 million, which as a percentage of external revenue was flat year over year, as well as increases in operating expenses of $3.9 million and $6.0 million, which were mostly driven by technology investments and compensation increases from our annual merit cycle.

Current wording

PrintBrothers' segment EBITDA for the three and nine months ended March 31, 2026 increased $4.3 million and $14.8 million, respectively, primarily due to the revenue growth described above, as well as positive year-over-year impacts from currency exchange fluctuations of $2.3 million and $6.2 million, respectively. Additionally, the acquisition contributed an immaterial amount and $1.3 million of segment EBITDA, respectively. This was partially offset by increases in advertising spend of $0.1 million and $1.3 million, respectively, which as a percentage of external revenue were flat year over year, as well as increases in operating expenses of $3.2 million and $9.2 million, respectively, which were mostly driven by technology investments and compensation increases from our annual merit cycle.

Previous wording

The Print Group's reported revenue growth for the three and six months ended December 31, 2025 was positively affected by currency exchange rate fluctuations of 9% and 8%, resulting in constant-currency revenue growth of 7% and 8%, and was primarily driven by increased fulfillment for other Cimpress businesses. External revenue growth was relatively flat year over year in both periods, as we continue to experience a shift to lower overall order values in certain product categories.

Current wording

The Print Group's reported revenue growth for the three and nine months ended March 31, 2026 was positively affected by currency exchange rate fluctuations of 12% and 9%, respectively, resulting in constant-currency revenue growth of 8% in both periods, and was primarily driven by increased fulfillment for other Cimpress businesses. External revenue growth improved during the third quarter of the current fiscal year, which was supported by election-related demand in France; however, the segment continues to experience a shift to lower overall order values in certain product categories.

Previous wording

The Print Group's segment EBITDA increased $4.2 million and $4.8 million during the three and six months ended December 31, 2025 as compared to the prior-year periods, due in part to positive year-over-year impacts from currency exchange fluctuations of $1.8 million and $2.9 million, respectively. Excluding the effect of currency, segment EBITDA was positively impacted by an increase in gross profit in both periods, driven by the revenue growth described above and improved cost efficiency. For the six months ended December 31, 2025, these increases were partially offset by a $2.2 million increase in variable long-term incentive compensation expense, driven by changes in estimated payouts.

Current wording

The Print Group's segment EBITDA increased $4.5 million and $9.4 million during the three and nine months ended March 31, 2026, respectively, partly due to positive year-over-year impacts from currency exchange fluctuations of $2.0 million and $4.9 million, respectively. Excluding the effect of currency, segment EBITDA was positively impacted by increases in gross profit in both periods, driven by the revenue growth described above and improved cost efficiency. For the three and nine months ended March 31, 2026, these impacts were partially offset by increases of $0.3 million and $2.5 million, respectively, in variable long-term incentive compensation expense, driven by changes in estimated payouts.

Previous wording

National Pen's reported revenue growth for the three and six months ended December 31, 2025, was positively impacted by currency exchange rate fluctuations of 5% and 4%, respectively, resulting in constant-currency revenue growth of 10% and 9% as compared to the prior year periods. National Pen revenue growth was driven by increases in fulfillment for other Cimpress businesses, as well as growth in external revenue, mostly from tariff-related pricing increases and growth within their telesales and e-commerce channels.

Current wording

National Pen's reported revenue growth for the three and nine months ended March 31, 2026 was positively impacted by currency exchange rate fluctuations of 5% and 4%, respectively, resulting in constant-currency revenue growth of 5% and 8%, respectively, driven by growth in external revenue, mostly from growth within e-commerce and telesales channels, as well as increases in fulfillment for other Cimpress businesses.

Previous wording

National Pen's segment EBITDA increased $2.2 million and $4.4 million for the three and six months ended December 31, 2025, and for both periods benefitted from positive fluctuations in currency exchange rates of $2.2 million. The segment EBITDA growth was also supported by an increase in gross profit, due to the revenue growth described above, as well as lower variable long-term incentive compensation expense of $1.1 million and $2.5 million, respectively, driven by changes in their estimated payouts. Partially offsetting these items were increases in advertising spend of $2.3 million and $1.2 million, respectively.

Current wording

National Pen's segment EBITDA increased $2.8 million and $7.2 million for the three and nine months ended March 31, 2026, respectively, and benefited from positive fluctuations in currency exchange rates of $0.5 million and $2.7 million, respectively. Segment EBITDA growth was also supported by increases in gross profit, due to the revenue growth described above, as well as lower variable long-term incentive compensation expense of $1.0 million and $3.5 million, respectively, driven by changes in estimated payouts. Segment EBITDA also benefited from decreases in advertising spend of $1.6 million and $0.4 million, respectively, from reduced spend in certain channels that have driven improved advertising spend efficiencies.

Previous wording

All Other Businesses' revenue growth for the three and six months ended December 31, 2025 was positively impacted by currency exchange rate fluctuations of 1% in both periods, resulting in constant-currency revenue growth of 10% and 9%, respectively. BuildASign, the largest business in this segment, delivered strong growth from fulfillment for other Cimpress businesses as well as growth in the packaging product category, and modest growth within home decor and signage products. Our Printi business delivered improved constant-currency revenue growth versus the prior year.

Current wording

All Other Businesses' revenue growth for the three and nine months ended March 31, 2026 was positively impacted by currency exchange rate fluctuations of 2% and 1%, respectively, resulting in constant-currency revenue growth of 16% and 11%, respectively. BuildASign, the largest business in this segment, delivered strong growth from fulfillment for other Cimpress businesses as well as growth across home decor, signage and packaging categories. Our Printi business delivered improved constant-currency revenue growth versus the prior year.

Previous wording

For the three and six months ended December 31, 2025, year-over-year segment EBITDA increased $0.7 million and $2.9 million, respectively, largely driven by the cross-Cimpress revenue growth described above. For the six months ended December 31, 2025, the increase versus the prior year was also impacted by lower variable long-term incentive compensation expense of $1.8 million, driven by changes in estimated payouts.

Current wording

For the three and nine months ended March 31, 2026, year-over-year segment EBITDA was flat and increased $3.0 million, respectively, largely driven by the cross-Cimpress revenue growth described above. For the nine months ended March 31, 2026, the increase versus the prior year was also impacted by lower variable long-term incentive compensation expense of $1.4 million, driven by changes in estimated payouts. These increases for the three and nine months ended March 31, 2026, were partially offset by $0.7 million of start-up costs from the expansion of our North American production network.

Previous wording

During the three and six months ended December 31, 2025, year-over-year central and corporate costs increased by $5.5 million and $5.3 million, respectively, primarily due to higher unallocated share-based compensation expense of $2.7 million and $1.0 million, respectively, driven by fluctuations in the attainment associated with the performance conditions of prior-year performance share units. Central and corporate costs also included higher third-party technology costs as a result of continued adoption and usage of mass customization platform products that are developed by our central technology teams. These items were partially offset by the non-recurrence of a $2.9 million charge recognized in the three and six months ended December 31, 2024 for a land duty tax that we continue to contest in Australia related to our 2019 redomiciliation to Ireland.

Current wording

During the nine months ended March 31, 2026, year-over-year central and corporate costs increased by $5.2 million, primarily due to compensation increases of $2.8 million from our annual merit cycle, and higher unallocated share-based compensation expense of $2.7 million, driven by fluctuations in the attainment levels year over year associated with the performance conditions of performance share units. These items were partially offset by the non-recurrence of a $2.9 million charge recognized in the nine months ended March 31, 2025 for a land duty tax that we continue to contest in Australia related to our 2019 redomiciliation to Ireland.

Previous wording

The cash flows during the six months ended December 31, 2025 related primarily to the following items:

Current wording

The cash flows during the nine months ended March 31, 2026 related primarily to the following items:

Previous wording

•Adjustments for non-cash items of $100.5 million primarily related to adjustments for depreciation and amortization of $73.2 million, share-based compensation costs of $31.6 million and deferred taxes of $3.6 million, offset in part by unrealized currency-related gains of $11.7 million.

Current wording

•Adjustments for non-cash items of $144.1 million primarily related to adjustments for depreciation and amortization of $110.6 million, share-based compensation costs of $46.3 million and deferred taxes of $3.6 million, offset in part by unrealized currency-related gains of $21.7 million.

Previous wording

•Proceeds from the sale of assets of $1.7 million, primarily related to the planned sale of a production facility within our National Pen business.

Current wording

•Proceeds from the sale of assets of $3.4 million, primarily related to the recent sale of a production facility within our National Pen business, as well as the sale and replacement of smaller production equipment assets across several businesses.

Previous wording

•Proceeds from the exercise of options of $1.3 million.

Current wording

•Proceeds from the exercise of options of $1.5 million.