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Group delivers $10.3 million EBIT in FY26, a $20.1 million turnaround 2Gross profit, GPAPA, Operating EBITDA and EBIT are non-IFRS measures. The non-IFRS measures are unaudited, however, they have been derived from the audited financial statements. ● FY26 guidance achieved ● Marketplace revenue declined 6.5% ( down 3.8% constant currency) as Group prioritised improving margins and restoring profit ● Record gross profit margin up 400 basis points to 49.6% and record GPAPA margin up 210 basis points to 28.6% ● Gross profit and GPAPA grew driven by supply chain efficiencies, pricing and paid marketing effectiveness and the new artist account fee structure that enhanced marketplace dynamics ● Strengthened balance sheet with underlying cash flow1 of $10.1 million and closing cash balance of $40.5 million, providing flexibility for future growth MARKETPLACE REVENUE GROSS PROFIT EBIT GROSS PROFIT AFTER PAID ACQUISITION $10.3m +$20.1 m $354.5m -6.5%, -3.8% cc $175.9m +1.7%, +5.0% cc $101.4m +0.8%, +3.6% cc FY26 financial highlights 1. Underlying cash flow defined as operating EBITDA plus net interest earned, less lease related expenses (excluding the impact of lease impairments), payments for capitalised development costs and property, plant and equipment (PPE). OPERATING EBITDA $16.4m +76.9%, +76.8% cc
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Business transformation drives EBIT improvement 3 Marketplace revenue and YoY change Gross profit and margin Gross profit after paid acquisition and margin EBIT Operating expenses FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 (millions) (millions) (millions) (millions) (millions) FY26
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First profitable year since listing, outside the pandemic-driven spike in FY21 4 Pandemic spike Mask sales represented $57 million, or 10.2% of MPR, in FY21 FY23 FY24 FY25 FY26FY22FY18 FY19 FY20 FY21FY17 EBIT ($millions) $40 $20 $0 -$20 -$40 -$60 $20.1 million increase FY25 to FY26
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ESTABLISHED MARKETPLACES HIGH-GROWTH BUSINESSES Launched 2025 Acquired 2026 Listed 2016 | ASX: ATG Articore owns and operates three high-margin, capital-light digital marketplaces and an emerging storefront platform Founded 2006 Acquired 2018 Supply Chain Loop Creators UPLOAD UNIQUE DESIGNS Customers BUY DESIGN ON PRODUCT Fulfillers MAKE AND SHIP PRODUCT Marketplace Loop
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Four structural advantages in a growing market 6 +23.6% CAGR 2019 (Pre pandemic) Global POD Market (USD billions)1 2021 (Pandemic) 2025 2033 (Projected) Distinctive competitive advantages Unique asset Scale economies Network effects Process power >3 million creators selling across Group >75 million designs >10,000 average daily uploads 44 third-party fulfiller sites 21 million units shipped in FY26 ~200 employees $1.8 million MPR per employee 1. Grand View Research, June 2026, ‘Print on Demand Market (2026 - 2033)’
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+10.9% Gross profit growth (cc)1 +7.2% GPAPA growth (cc)1 Continued growth in MPR , alongside margin expansion driven by supply chain synergies and pricing and paid marketing effectiveness -1.0% -0.3% Improvements to unit economics largely offset softer MPR and delivered a record 55.2% quarterly gross profit margin Gross profit growth (cc)1 GPAPA growth (cc)1 Structural margin gains delivered across established marketplaces Redbubble and T eePublic gross profit margins (1QFY22 to 4QFY26) Redbubble T eePublic FY23 FY24 FY25 60% 50% 40% 30% 20% FY26FY22 4QFY26: 55.2% Redbubble record high quarterly gross profit margin 7 Consistent growth High cash generation 1. YoY change, FY26 vs FY25.
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Acquisition to accelerate tech roadmap, drive operating efficiencies and support growth 1. Advances technology platform consolidation 2. Establishes a Global Capability Centre to drive sustained operating efficiencies 3. Profitable business Strategic rationale Indian-based, print-on-demand marketplace ACQUIRED MAY 2026 High-growth potential ● Opens access to the US$1B+ Indian print-on-demand market ● Market growing annually by ~25%1 ● Delivered triple-digit YoY growth since acquisition Integration progressing well ● Indian-based teams providing engineering and other functional support across Group ● T argeting hiring >30 employees by end of FY27 ● Leveraging Articore’s capabilities and platform to grow Frankly Wearing 1. Grand View Research, June 2026, ‘India print on demand market size and outlook, 2026-2033’ 8
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Early signs that Dashery has a strong product-market fit in a significant market 9 ● Creators with 100k to 1 million followers on Instagram, Youtube or TikT ok ● Generates "fandom" demand when they promote ● First store through to pro Who Dashery is built for today Launching Shopify integration to increase target market T op creators FY26 key metrics (Launched January 2025) $2.4m MPR 36.5% GPAPA margin >1,500 Active selling accounts $4.0m GPS 4 million creators fit our ideal customer profile +450% +482% +0.3pp A number of creators generated >$100k in Y ear 1
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10 Customer Operations ● Artist approval workflows are 100% AI-powered, reducing manual reviewCreator ● 100% customer search powered by AI algorithms boosting relevance and conversion ● AI-driven marketing, from content creation to campaign optimisation ● AI adopted across the organisation to boost efficiency ● AI powered chat to quickly resolve customer queries, ~80% of customer contacts via chat Leveraging AI to accelerate growth, enhance user experience and drive efficiencies AI is embedded across the business and expanding into new use cases Launched T eePublic advertising program on ChatGPT — an early move into conversational commerce Articore’s large artist catalog is well suited to long-tail conversational queries.
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Positioning Articore for its next phase of profitable MPR growth Key growth drivers Vision: T o be the leading destination for customers to discover and buy unique design-first products driven by a global creator ecosystem built to turn passion into profits. ● Strengthen competitive moat through content differentiation ● Build high-impact customer acquisition and retention engines ● Elevate the customer experience through AI-driven discovery and personalisation Customers Creators High–growth businesses ● Generate higher-value outcomes for creators through incremental monetisation opportunities ● Invest in new businesses, including Dashery and Frankly Wearing, and M&A, leveraging Articore’s strategic assets and existing capabilities 11Operate a unified platform
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Customers Creators High-growth businesses Acquire and elevate pop culture, licensed, and FAM content Simplify the creator experience, including enabling uploading of designs to multiple platforms Continue to refine artist fee structure Expand new revenue streams, for example advertising revenue Continue to add new features and integrations, like Shopify, to Dashery ● Leverage unified MarT ech ● Integrate order management and fulfilment systems ● Consolidate content uploader Key FY27 initiatives to build on FY26 foundation Build personalisation opportunities for customers to express their identity and fandom Increase creator earnings to incentivise value-adding behaviour Leverage Group expertise and capabilities to accelerate Frankly Wearing’s growth Unified platform Improve marketplaces’ search, discovery and merchandising experience
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13 FY26 Financial overview
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P&L (A$M) FY25 FY26 % change %cc change1 T otal revenue 438.6 408.5 -6.9% -4.2% MPR 379.1 354.5 -6.5% -3.8% Gross profit 173.0 175.9 1.7% 5.0% Gross profit margin 45.6% 49.6% 400bp 420bp Paid acquisition 72.4 74.5 2.9% 7.1% GPAPA 100.6 101.4 0.8% 3.6% GPAPA margin 26.5% 28.6% 210bp 200bp Operating expenses 91.3 85.0 -6.9% -3.7% Operating EBITDA 9.3 16.4 76.9% 76.8% Other expenses/(income) 7.4 1.2 -84.1% -80.7% EBITDA 1.9 15.3 nm nm Depreciation & amortisation 11.7 4.9 -57.8% -57.3% EBIT -9.8 10.3 nm nm 14 FY26 Group profit and loss statement Gross profit, Gross profit margin, GPAPA, GPAPA margin, operating EBITDA, EBITDA and EBIT are non-IFRS measures. The non-IFRS measures are unaudited, however, they have been derived from the audited financial statements. 1 The USD declined 4.8% against the AUD in FY26. This had limited impact at the EBIT level, as 72% of the Group’s revenue and 75% of the Group’s costs are denominated in USD, providing an embedded operational hedge. MPR decline moderating to 6.5% (3.8% cc) in FY26 as Group prioritised improving margins and restoring profit Highest full-year gross profit margin on record, driven by structural supply chain synergies and a new artist account fee structure that enhanced marketplace dynamics Streamlined capitalisation process leading to lower amortisation and more closely aligning EBIT with cash flow Operating expenses down 6.9% in FY26, reflecting continued cost discipline across the Group First profitable year since listing (excluding pandemic-driven FY21), a $20.1 million turnaround year on year Approximately 93% of MPR is denominated in currencies other than Australian dollars, with ~75% of both revenue and costs US dollar-denominated. This embedded operational hedge largely neutralises the impact of the US dollar's 5% FY26 decline at EBIT
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FY25 FY26 % change % cc change MPR 194.7 170.1 -12.7% -11.1% Gross profit 91.7 88.7 -3.2% -1.0% Gross profit margin 47.1% 52.2% 5.1pp 5.3pp GPAPA 59.3 58.2 -1.8% -0.3% GPAPA margin 30.4% 34.2% 3.8pp 3.7pp MPR 184.0 182.0 -1.1% 2.8% Gross profit 81.2 86.3 6.3% 10.9% Gross profit margin 44.1% 47.4% 3.3pp 3.5pp GPAPA 41.2 42.3 2.7% 7.2% GPAPA margin 22.4% 23.3% 0.9pp 1.0pp 15 FY26 marketplace highlights ● Substantial margin expansion, largely offsetting softer MPR performance, driven by the new artist account fee structure that enhanced marketplace dynamics and supply-chain efficiencies ● GPAPA broadly flat in cc with GPAPA margin up 3.8pp reflecting continued improvement in gross profit and paid marketing efficiency ● MPR up 2.8% cc, alongside margin expansion ● Gross profit growth of 10.9% cc, driven by pricing and promotional optimisation and ongoing supply-chain efficiencies FY25 FY26 % change %cc change
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16 Cash position and balance sheet improved significantly providing financial flexibility June closing cash balance (millions, FY25 - FY26) $28.4 FY25 FY26 42% increase Underlying cash flow (millions, FY25 - FY26) Return on equity (FY25 - FY26) FY25 FY26 FY25 FY26 0.6 10.1 $28.4 $40.5 +21.8% -22.8%
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17 FY27 guidance1 GPAPA margin: 27% - 30% Operating expenses: $79 million - $85 million Operating EBITDA: $17 million - $23 million 1. Our ability to achieve this aim is highly dependent on various factors including consumer demand, foreign exchange rates, geographic and product mix
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18 Questions Got a question for the team? Send it through the chat. 1. Press the Open Chat button (chat bubble icon) on the bottom right corner 2. Type and send
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19 Supplementary information
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Redbubble and T eePublic key metrics Marketplace revenue contribution GPAPA contribution 51% 42% FY25: 49% FY25: 41% Selling artists 165k FY25: 167k Customers 2.5m FY25: 2.5m Net artist earnings $17.7m FY25: $17.9m Designs sold 1.6m FY25: 1.4m Marketplace revenue contribution GPAPA contribution 48% 57% Selling artists 468k FY25: 542k Customers 3.1m FY25: 3.5m Net artist earnings $20.9m FY25: $30.2m Designs sold 3.3m FY25: 51% FY25: 59% FY25: 3.6m North America North America55% 93%47% 94%Apparel Apparel Sales contribution Sales contributionSales contribution Sales contribution FY25: 55% FY25:49% FY25: 92%FY25: 95% Repeat 52%Repeat customers 52% of MPR Repeat customers 54% of MPR
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21 third-party fulfiller sites44 May represent multiple third-party fulfiller sites. Geographic diversity by sales contribution Australia and New Zealand 8% FY25: 7% Europe and United Kingdom 19% FY25: 20% North America 73% FY25: 72%
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4QFY26 and FY26 profit and loss statement P&L(A$M) 4QFY25 4QFY26 % change % cc change FY25 FY26 % change % cc change T otal revenue 91.9 81.6 -11.1% -2.5% 438.6 408.5 -6.9% -4.2% Less: creator revenue 12.6 10.6 -16.0% -7.9% 59.6 54.0 -9.3% -7.0% MPR 79.2 71.0 -10.4% -1.7% 379.1 354.5 -6.5% -3.8% Gross profit 39.4 35.7 -9.4% -0.5% 173.0 175.9 1.7% 5.0% Gross profit margin 49.7% 50.2% 60bp 60bp 45.6% 49.6% 400bp 420bp Paid acquisition 14.8 14.6 -1.4% 9.1% 72.4 74.5 2.9% 7.1% GPAPA 24.6 21.1 -14.2% -6.4% 100.6 101.4 0.8% 3.6% GPAPA margin 31.0% 29.7% -130bp -150bp 26.5% 28.6% 210bp 200bp Operating expenses 20.3 18.5 -9.2% -1.5% 91.3 85.0 -6.9% -3.7% Operating EBITDA 4.2 2.6 -38.1% -30.3% 9.3 16.4 76.9% 76.8% Other expenses/(income) 1.0 -0.2 -122% -144% 7.4 1.2 -84.1% -80.7% EBITDA 3.2 2.8 -11.8% 12.2% 1.9 15.3 nm nm Depreciation & amortisation 2.6 1.3 -50.2% -48.9% 11.7 4.9 -57.8% -57.3% EBIT 0.6 1.6 142% nm -9.8 10.3 nm nm Interest expense/(income) -0.0 -0.0 nm nm -0.1 -0.4 191% 204% T ax expense/(benefit) 2.1 0.3 -87.7% -86.7% 1.6 -0.2 -112% -112% Net profit/(loss) after tax -1.4 1.3 nm nm -11.3 10.9 nm nm Gross profit, Gross profit margin, GPAPA, GPAPA margin, operating EBITDA, EBITDA and EBIT are non-IFRS measures. The non-IFRS measures are unaudited, however, they have been derived from the audited financial statements. 22
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Glossary T erm Definition $ All references to dollar amounts or figures are in AUD unless stated otherwise 1H/2H First or second half of the financial year 1Q/2Q/3Q/4Q First, second, third or fourth quarter of the financial year AI Artificial intelligence Selling artists Number of active artists who sold a product printed with their art during reporting period. Does not account for duplication across marketplaces Constant currency (cc) % Year over year change, after excluding the impact from foreign currency exchange (FX) rates changes versus Australian dollars by holding FX rates to be the same as the prior corresponding period. For Redbubble and T eePublic, more than 80% of MPR is denominated in currencies other than Australian dollars Customers Number of artists’ customers who bought an artist’s product during reporting period. Identified by unique email address; does not account for overlaps between Redbubble and T eePublic Designs sold Number of artists’ designs that have sold on at least one product during reporting period EBIT Earnings before interest and tax EBITDA Earnings before interest, tax, depreciation and amortisation. This is a non-IFRS measure and is unaudited FY Financial year GPAPA Gross profit after paid acquisition. This is a non-IFRS measure and is unaudited GPS Gross processed sales MPR Marketplace revenue. T otal revenue less creator revenue MarT ech Marketing T echnology m Million Net artist earnings Artists’ revenue less platform fees and other amounts recovered from artists Operating EBITDA EBITDA before other income/expenses. This measure reflects the Group's underlying operating performance, excluding financing and non-cash items. This is a non-IFRS measure and is unaudited Underlying cash flow Operating EBITDA plus net interest earned, less lease related expenses (excluding the impact of lease impairments), payments for capitalised development costs and property, plant and equipment (PPE) YoY Year over year 23
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24 IMPORTANT NOTICE AND DISCLAIMER This presentation contains summary information about Articore Group Limited (ACN 119 200 592) and its related bodies corporate (together, the Articore Group or the Group) and the Group’s activities as at the date of this presentation. It is information given in summary form only and does not purport to be complete. It should be read in conjunction with the Group's other periodic corporate reports and continuous disclosure announcements filed with the Australian Securities Exchange (ASX), available at www.asx.com.au. This presentation is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire the Group’s shares or other securities. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. T o the maximum extent permitted by law, none of the Group or its directors, employees or agents, nor any other person, accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence on the part of the Group or its directors, employees, contractors or agents. This presentation contains forward-looking statements in relation to the Articore Group, including statements regarding the Group’s intent, belief, goals, objectives, initiatives, commitments or current expectations with respect to the Group’s business and operations, market conditions, results of operations and financial conditions, products in research, and risk management practices. Forward-looking statements can generally be identified by the use of words such as "forecast" , "estimate" , "plan" , "will" , "anticipate" , "may" , "believe" , "should" , "expect" , “project, ” "intend" , "outlook" , "target" , "assume" and "guidance" and other similar expressions. The forward-looking statements are based on the Group’s good faith assumptions as to the financial, market, risk, regulatory and other relevant environments that will exist and affect the Group’s business and operations in the future. The Group does not give any assurance that the assumptions will prove to be correct. The forward-looking statements involve known and unknown risks, uncertainties and assumptions and other important factors, many of which are beyond the control of the Group, that could cause the actual results, performances or achievements of the Group to be materially different to future results, performances or achievements expressed or implied by the statements. Factors that could cause actual results to differ materially include: changes in government and policy; actions of regulatory bodies and other governmental authorities such as changes in taxation or regulation (or approvals under regulation); the effect of economic conditions; technological developments; and geopolitical developments. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as at the date of the presentation. The Group disclaims any responsibility for the accuracy or completeness of any forward-looking statement. Except as required by applicable laws or regulations, the Group does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in assumptions on which any such statement is based. Any projections or forecasts included in this presentation have not been audited, examined, or otherwise reviewed by the independent auditors of the Group. There are references to IFRS and non-IFRS financial information in this presentation. Non-IFRS financial measures are financial measures other than those defined or specified under any relevant accounting standard and may not be directly comparable with other companies’ information. Non-IFRS financial measures are used to enhance the comparability of information between reporting periods and enable further insight and a different perspective into the financial performance. Non-IFRS financial information should be considered in addition to, and is not intended to be a substitute for, IFRS financial information and measures. Non-IFRS financial measures are not subject to audit or review.
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Contact us: Virginia Spring VP , Investor Relations investor.relations@articore.com