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1 2025 Investor Day September 16, 2025
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2 Welcome Meredith Burns Vice President, Investor Relations & Sustainability
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3 Paolo Roatta CEO, The Print Group & Pixartprinting Robert Keane Founder, Chairman & CEO Sean Quinn EVP, Chief Financial Officer Maarten Wensveen EVP, Chief Technology Officer Florian Baumgartner CEO, Vista Michael Fries EVP, Europe & Global Manufacturing September 16, 2025 8:00 am - 11:00 am ET Cimpress virtual investor day presenters & panelists Christina Wick EVP, Product Experience Bryan Kranik CEO, BuildASign Adam Denenberg EVP, Engineering Louise Welch EVP, People & Culture
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4 Cimpress virtual investor day agenda Financial Overview Sean Quinn Cimpress Intro Robert Keane1 Vista Florian Baumgartner2 Quick Break Stretch your legs and grab a coffee 3 Upload & Print Paolo Roatta 4 Panel Discussions - Elevated products/manufacturing & supply chain excellence - Design enablement - Technology & AI 6 5 Q&A Session All executives7 September 16, 2025 8:00 am - 11:00 am ET
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5 What to expect today • Submit questions via chat during the session; questions will be held for panel discussions and Q&A session after presentation content • Non-GAAP reconciliations are posted in the webcast viewer • We will provide our thoughts on the future…
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6 Safe harbor statement Cimpress’ Investor Day information, including presentations and accompanying commentary, contains statements about our future expectations, plans, and prospects of our business that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, including but not limited to our expectations for the growth and development of our businesses and for our future financial results; our plans for investments in our business and other capital allocations and the expected effect of those investments and capital allocations in our business and financial results; our competitive position and size and development of our markets and opportunities for future growth; and our plans and expectations for our mass customization platform and use and integration of artificial intelligence capabilities. Forward-looking projections and expectations are inherently uncertain, are based on assumptions and judgments by management, and may turn out to be wrong. Our actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including but not limited to flaws in the assumptions and judgments upon which our forecasts and estimates are based; the development, duration, and severity of supply chain constraints and fluctuating inflation; our inability to make investments in our businesses and allocate our capital as planned or the failure of those investments and allocations to achieve the results we expect; costs and disruptions caused by acquisitions and minority investments; the failure of the businesses we acquire or invest in to perform as expected; loss of key personnel or our inability to recruit and retain talented personnel; our failure to develop, deploy, and use effectively our mass customization platform and artificial intelligence capabilities or their failure to drive the performance, efficiencies, and competitive advantage we expect; unanticipated changes in our markets, customers, or businesses; disruptions caused by geopolitical events or political instability and war in Ukraine, Israel, or elsewhere; changes in governmental policies, laws, and regulations, or in their interpretations, that affect our businesses, including related to import tariffs; our failure to attract new customers and retain our current customers; our failure to manage the growth and complexity of our business; our failure to maintain compliance with our debt covenants and pay our debts when due; competitive pressures; general economic conditions; and other factors described in our Form 10-K for the fiscal year ended June 30, 2025 and subsequent documents we periodically file with the U.S. Securities and Exchange Commission. Cimpress’ Investor Day information also includes estimates and other statistical data from research we conducted in August 2022 with a third-party research firm, and this data involves a number of assumptions and limitations and contains projections and estimates of the sizes of the opportunities of our markets that are subject to a high degree of uncertainty and should not be given undue weight. In addition, statements and projections in Cimpress’ Investor Day information represent our expectations and beliefs as of the date hereof, and subsequent events and developments may cause these expectations, beliefs, statements, and projections to change. We specifically disclaim any obligation to update any forward-looking statements, which should not be relied upon as representing our expectations or beliefs as of any date subsequent to September 16, 2025.
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7 Overview Robert Keane Founder, Chairman & CEO
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8 What you’ll hear today Elevated products are fueling a step-function improvement in per-customer LTV & wallet share Investments in MCP, manufacturing, and AI are enabling COGS and opex reductions while increasing the velocity of NPI and UX improvements Clear path to FY28 adjusted EBITDA1 of at least $600 million and significantly lower net leverage 1Please see reconciliation of non-GAAP measures at ir.cimpress.com.
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9 We help millions of businesses build brands, stand out, and grow via custom print and promotional products.
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10 What it isWhy customers care How we do it Web-to-print mass customization Custom products, even in small quantities, with the reliability, quality, and affordability of mass production ● Builds their brand ● Fast turnaround ● Broad choice ● Low prices ● High quality ● E-commerce convenience ● Quantities right for them ● Focused, quality talent ● Unmatched scale that drives advantages in ○ Manufacturing ○ Software ○ Design ○ Advertising ○ Service operations ○ Product development
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11 Focused, deep, experienced and talented team Excellent, top-quality team members across the board by developing talent and bringing on board top-quality new talent
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12 A long history of market disruption that drives financial results (1) Please see reconciliation of non-GAAP measures at ir.cimpress.com.
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13 Research shows clear opportunities to gain wallet share Penetration of Web-to-Print Value by Application2 2018 and 2028 Estimates $100B+ TAM in North America, Europe and Australia1 2022 Estimate 1 Source: Keypoint Intelligence online printing study prepared for Cimpress, August 2022 & company estimates; Keypoint research estimates the 2022 value of print shipments to small and medium businesses in Australia, France, Germany, Italy, UK and U.S. is $85B. Market size excludes consumer products, design services and digital marketing products. 2 Source: Smithers “The Future of Web-to-Print to 2028” published in 2023. $35B+ Signage Signage $35B+ Small-format $25B+ Packaging & labels $15B+ Promotional products, apparel & gifts $25B+ Where the web-to-print business model has deeply penetrated the market for identification products like business cards, elevated products constitute large markets with small but growing web-to-print penetration
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14 Elevated products expand our addressable market and wallet share Customers value them more highly than legacy products in terms of conveying their brand and growing their business
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15 Elevated tailwinds are starting to overcome legacy headwinds Growing strongly in categories with higher mix of elevated products like packaging, labels, promo products, apparel and signage Note: Each major product category includes examples of legacy products and elevated products. We highlight several of our larger legacy product categories (business cards, return address labels, holiday cards, photo mugs, home decor) but this is not intended to be a full listing of mature products.
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16 Recent and ongoing investment in elevated products ● Paper bags ● Corrugated boxes ● Paper cups ● Drinkware (hard goods) ● Flexible packaging ● Sophisticated signage ● Roll labels & stickers ● Multi-page (booklets, books, catalogs & magazines) ● Massive expansion of apparel SKUs via inventory-light JIT FY25 and FY26 investments to expand our wallet share with high-value customers via elevated products 24h
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17 Case study: Cimpress synergies are driving wallet share gains with high-value customers, leading to higher customer LTV ● Impressive data here Product: ● Custom-printed paper cups Cimpress Synergies:: ● PrintBrothers tuck-in M&A of a small German custom paper cup company ● Introduced these products to PrintBrothers and VistaPrint in Europe ● FY25 collaboration between PrintBrothers and BuildASign on a focused production hub in North America, launched in late FY2025 ● VistaPrint North America started fulfilling these products via XCF VistaPrint Customer Example: ● VistaPrint customer since FY2020 selling organic maple syrup and maple milkshakes; regularly hosts customer visits and attends country fairs ● Average annual purchases of $250 per year from FY2020 to FY2024 (labels, business cards and signs) ● One of VistaPrint’s early paper cup customers, starting in Q4 FY2025 ● Q1 FY2026 orders for >$4,000 in paper cups grew this customer’s lifetime value (i.e. cumulative since acquisition) variable gross profit by 5X.
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18 Elevated products are helping us attract and retain high-value customers, and grow our wallet share with all customers Example below is from VistaPrint but each of our businesses is growing customer wallet share aided by new product introduction Note: VistaPrint estimated variable gross profit is net bookings minus standard variable COGS. Does not include VCS, Webs, 99designs, VistaCreate, Depositphotos, or partner bookings from offers, services, products and referrals. All amounts in USD translated at currency rates stated in the non-GAAP reconciliation at ir.cimpress.com.
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19 Manufacturing & Supply Chain Excellence Growth investments to drive share of wallet Singular focus on being the best at helping businesses build their brand, stand out and grow through custom physical products Mass Customization Platform AdvertisingDesign Enablement
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20 MCP: Cloud-based microservices with scalable, multi-tenant capabilities MCP Fulfillment Artwork Technology Product Catalog Customer Success Data eCommerce Security & Privacy ● Improved functionality ● Opex efficiencies by eliminating duplicative software development ● Accelerated new product introduction ● Lower cost of goods ● Script ● ● MCP adoption driving material cost reductions ⎼ 2023-2024 cost reductions in Vista ⎼ Order manageme nt and other efficiencies across businesses coming soon ⎼ Common infrastructu re and data models ⎼ AI-ready code base for developer productivity ⎼ Now moving order manageme nt, data infrastructu re, manufactur ing systems
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21 We continue our long-standing focus on manufacturing excellence
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22 [Video in progress]
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23 Cross-Cimpress fulfillment (XCF) and focused production hubs are accelerating customer and financial benefits Benefits of cross-Cimpress fulfillment: ● Accelerating new product introduction and growth of customer options ● Lowering like-for-like COGS through routing orders to the location within Cimpress that is most competitive for a given customer in a given location or consolidating volume into focused production hubs with equipment and processes that we tailor to a specific product category ● XCF drove more than $15 million of incremental FY2025 gross profit from COGS alone, and more including GP from incremental revenue Cross-Cimpress fulfillment remains a relatively small portion of our total COGS but we expect it to continue to grow significantly in the coming years
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24 XCF case study: National Pen fulfilling for Vista FY25 NP-to-Vista SKU growth 25% and revenue growth was 28%, with material cost reductions versus prior fulfilment sources Water bottles COGS reduction: 23% Bookings growth: 30% Average VGP per order: $240 Keychains COGS reduction: 34% Bookings growth: 37% Average VGP per order: $190 Tote bags COGS reduction: 18% Bookings growth: 32% Average VGP per order: $209 Pens COGS reduction: 35% Bookings growth: 27% Average VGP per order: $141
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25 ○ More examples of XCF success coming in today’s panels Fulfiller: Roll Labels Merchant: ○ Fulfiller: Signs Merchant: Fulfiller: Paper Bags Merchant: ○ Fulfiller: Boxes Merchant:
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26 Design enablement Design is a fundamental element of the products we sell, and customers often have a greater need for help with elevated products ● Every year, design gets easier due to the proliferation of design tools and the digital-first culture of younger generations ● AI will only accelerate the democratization of design ● Cimpress is poised to benefit since design democratization will drive even higher demand for the physical products that our customers love and which we produce better than anyone ○ Build their brand, high quality, broad choice ○ Fast turnaround, low prices, e-commerce convenience ○ Quantities that are right for them ● To complement the profusion of design by non-professional designers, we excel at design services and support for the many customers who still find design to be the most challenging part of their order and thus value our assistance along the way ● We are integrating AI to help our designers and customers be more effective and efficient in the creation of quality designs
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27 Advertising Even as we have invested in brand marketing in Vista we have decreased Cimpress-wide advertising as a percent of revenue with room for more improvements we continue to grow loyalty and LTV via higher-value customers
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28 Primary growth investment categories Elevated products that create high value customers by increasing our wallet share Helping millions of businesses build brands, stand out, and grow via custom print and promotional products Manufacturing & supply chain excellence AdvertisingMass customization platform Design enablement High value customersElevated products Best In world for web-to-print mass customization
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29 What you’ll hear today Elevated products are fueling a step-function improvement in per-customer LTV & wallet share Investments in MCP, manufacturing, and AI are enabling COGS and opex reductions while increasing the velocity of NPI and UX improvements Clear path to FY28 adjusted EBITDA1 of at least $600 million and significantly lower net leverage 1Please see reconciliation of non-GAAP measures at ir.cimpress.com.
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30 [Video in progress]
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Investor Day September 2025
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1 Agenda Investor Day 2 3 Vista at a glance Key value creation levers Introduction
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33 [Video in progress]
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A trusted print partner 4.5 in US 4.6 in DE 4.4 in FR 4.5 in UK
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1 Agenda Investor Day 2 3 Vista at a glance Key value creation levers Introduction
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The leading destination for small business custom print needs. We bring their ideas to life, win their hearts, earn their trust, and make them fans for life.
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1 One-stop shop 4 Cimpress’ unrivaled manufacturing and supply chain network 2 Design any way 3 Assurance and advice What sets us apart
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Our evolution over the past decade FY15 FY25 Revenue $1.1 billion $1.8 billion Bookings from business cards and consumer products $0.6 billion $0.6 billion Bookings from all other products $0.5 billion $1.2 billion Variable gross profit (VGP) $0.7 billion $1.1 billion Technology stack Monolithic, on premises Micro-services, cloud based What we are known for Discounted business cards The leading destination for small business custom print needs VGP per VistaPrint customer $51 $99 Total VistaPrint customers 14.0M 10.8M Number of VistaPrint customers with > $1,000 VGP per year 23K 107K Note: Variable gross profit is Revenue minus variable COGS. Estimated VGP per customer is net bookings minus standard variable COGS. Estimated VGP per customer does not include VCS, Webs, 99designs, VistaCreate, Depositphotos, or partner bookings from offers, services, products and referrals. Estimated VGP per customer amounts in USD translated at currency rates stated in the non-GAAP reconciliation at ir.cimpress.com.
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Our top 2 centiles represent what we can achieve when we deliver on our value proposition Our expanding range of elevated products and improved experience is driving wallet share gains and improved LTV VGP Per Customer Top 2 Centiles CAGR 9.7% FY25 VGP By Category Top 2 Centiles Note: Estimated variable gross profit is net bookings minus standard variable COGS. Does not include VCS, Webs, 99designs, VistaCreate, Depositphotos, or partner bookings from offers, services, products and referrals. All amounts in USD translated at currency rates stated in the non-GAAP reconciliation at ir.cimpress.com. VGP ($M) Top 2 Centiles CAGR 9.0%
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Per customer economics Cost efficiency Category growth Customer trust Metrics to evaluate our progress
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1 Agenda Investor Day 2 3 Vista at a glance Key value creation levers Introduction
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#1 Grow variable gross profit and wallet share via elevated products Value creation levers
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Growth is fueled by elevated products FY25 YoY bookings growth ($M) Higher growth in categories with a higher concentration of elevated products Note: Does not include Digital, Design Services, VCS, Webs, 99designs, VistaCreate, Depositphotos, or partner bookings from offers, services, products and referrals. All amounts in USD translated at currency rates stated in the non-GAAP reconciliation at ir.cimpress.com. 25% 13% 18% 8% 16% 17% Share of total VistaPrint bookings
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VistaPrint FY25 YoY bookings growth, % VistaPrint FY25 AOV by category Higher AOV and wallet share from categories with a higher mix of elevated products Note: Does not include VCS, Webs, 99designs, VistaCreate, Depositphotos, or partner bookings from offers, services, products and referrals. All amounts in USD translated at currency rates stated in the non-GAAP reconciliation at ir.cimpress.com. VistaPrint AOV
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Variable gross profit per customer continues to increase Variable Gross Profit Per New Customer (first-time order) Variable Gross Profit Per Repeat Customer Note: Estimated variable gross profit is net bookings minus standard variable COGS. Does not include VCS, Webs, 99designs, VistaCreate, Depositphotos, or partner bookings from offers, services, products and referrals. All amounts in USD translated at currency rates stated in the non-GAAP reconciliation at ir.cimpress.com.
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Cumulative per customer value continues to grow Cumulative Variable Gross Profit Per Customer by Acquisition Year Note: Estimated variable gross profit is net bookings minus standard variable COGS. Does not include VCS, Webs, 99designs, VistaCreate, Depositphotos, or partner bookings from offers, services, products and referrals. All amounts in USD translated at currency rates stated in the non-GAAP reconciliation at ir.cimpress.com.
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#2 Acquire & Grow High Value Customers Value creation opportunities
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We are consistently increasing the value of our most valuable customers Top two VGP deciles VistaPrint Variable Gross Profit ($M) VistaPrint Variable Gross Profit per Customer ($) Top two VGP deciles CAGR 5.4% CAGR 8.2% Note: Estimated variable gross profit is net bookings minus standard variable COGS. Does not include VCS, Webs, 99designs, VistaCreate, Depositphotos, or partner bookings from offers, services, products and referrals. All amounts in USD translated at currency rates stated in the non-GAAP reconciliation at ir.cimpress.com. The top two deciles drove 105% of variable gross profit growth
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We are acquiring new customers through a broad set of products FY25 VistaPrint Variable Gross Profit from New Customers Categorized by Acquisition Product New customer VGP deciles and centiles Note: Estimated variable gross profit is net bookings minus standard variable COGS. Does not include VCS, Webs, 99designs, VistaCreate, Depositphotos, or partner bookings from offers, services, products and referrals. All amounts in USD translated at currency rates stated in the non-GAAP reconciliation at ir.cimpress.com. 71% of total variable gross profit 29% of total variable gross profit 29% of total variable gross profit
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Assortment Expansion We are adding >200 products per month via cross-Cimpress fulfillment, direct capex investments, and third-party fulfillers Example - Mailer Boxes
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As we become a “one-stop shop” across an even wider print assortment, we are starting to offer customers a more personalized shopping experience Personalization & CRM Initiatives Example - Brand Shop
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Proactive customer outreach Personalized pre- and post-order check-in with high value customers and prospects
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Simpler design paths GenAI patterns Logo as a pattern Design assistant 6,000+ Packaging templates Pattern Maker
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#3 Drive cost efficiency Value creation levers
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Improving our Advertising Efficiency ● Brand media investments across platforms ● Upper funnel spend optimization with an eye toward AI discoverability Advertising Spend as a % of Revenue
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The undisputed leader in print awareness Aggregated prompted awareness (NET) across all print product categories Q. Which of these brands do you associate with [PRODUCT CATEGORY e.g. Business cards, Marketing Materials, etc.]? Prompted Print Awareness – FY25 Q3/4 +17 PP vs. next best competitor +25 PP vs. next best competitor +15 PP vs. next best competitor
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○ Vista as an XCF Merchant Cross-Cimpress Fulfillment (XCF) ○ Vista as an XCF Fulfiller Incremental profit and faster investment payback Lower production costs and new product selection
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Higher Manufacturing Efficiency $12M in cost savings in FY25 Cost efficiency projects ● Insourcing ● Materials reductions ● Automation ● Software systems ● Shipping costs
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AI-enabled simplification & automation Not just a cost reduction exercise, but an opportunity to re-think existing processes, upskill employees and improve the customer experience
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Thank you
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61 [Video in progress]
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62 Bringing the Upload & Print Model to North America Paolo Roatta CEO, The Print Group
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63 Upload & Print success More than a decade of growth, profitability and innovation ● Cumulative UFCF has eclipsed the €605 million cost of acquisition ● Taught Cimpress about elevated products & high-value customers ● Rapid growth of cross-Cimpress fulfilment (XCF) in support of VistaPrint Europe
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65 [Video in progress]
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66 Why Pixartprinting? History of innovation & manufacturing excellence Serves broad range of businesses Product expertise is complementary to other Cimpress businesses in NA
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67 Why now? MCP evolution enables seamless integration and market expansion Seamless connection between brands & plants New localized e-commerce sites
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68 North American Upload & Print market dynamics ● Large and fragmented upload & print market in North America ● Fewer web-to-print competitors than in Europe, especially with an upload & print focus ● Pixartprinting capabilities and economics in multi-page products and labels are unmatched in this market
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69 How we are scaling operations efficiently Being part of Cimpress enables us to drive greater value faster than we could on our own ● New US facility built fast with Cimpress central team support (procurement, real estate, finance, tax) ● Seamless cross-Cimpress fulfillment: − Pixartprinting → multi-page booklets (more products FY26) − Vista, BuildASign, National Pen → marketing materials, signage, PPAG ● Additional fulfillment partner boosting volumes ● Leveraging Cimpress supplier network in NA for shipping & key inputs ● Scale advantages and profitability faster than standalone approach ● Significant cost savings for Vista vs. prior third-party fulfillment, with more to come from new equipment
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70 Launching our brand into the NA market ● Fulfillment volumes from other Cimpress businesses and partners allow us to get great unit costs from the start ● Meanwhile we are developing our customer value proposition and branding for our direct customers ● Direct customers will be a minority of our orders near term, but we will grow and penetrate the large market opportunity over time
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71 FY2026 focus areas ● New production lines for additional products and higher-volume orders ● Marketing plan execution ● Drive returns on the FY2025 and FY2026 investment into this launch ($23M total free cash flow investment) − Expect to have start-up costs through FY2026 (less than in FY2025 as production volumes ramp), becoming EBITDA positive in FY2027
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72 [Video in progress]
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73 Financial Review Sean Quinn EVP & Chief Financial Officer
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74 Our focus is on improving multi-year free cash flow per share 1 Diluted weighted average shares outstanding for FY2017, FY2021, FY2022 and FY2023 represent the number of shares we would have reported if we recorded a profit instead of a loss that year. The basic weighted shares outstanding we reported those years was 31.3M, 26.0M, 26.1M and 26.3M, respectively. 2 Please see reconciliation of non-GAAP financial measures at ir.cimpress.com. 2005 $0M 3-year trailing adjusted FCF 2015 $285M 2025 $432M
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75 Summary Financial Results Revenue & Profitability Measures 1 Please see reconciliation of non-GAAP financial measures at ir.cimpress.com.
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76 Summary Financial Results Cash Flow Measures 1 Please see reconciliation of non-GAAP financial measures at ir.cimpress.com.
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77 Summary Financial Results Balance sheet and net leverage 1 Please see reconciliation of non-GAAP financial measures at ir.cimpress.com.
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78 FY2025 Summary Financial Results Segment Results FY2021 - FY2025 Segment EBITDA includes share-based compensation expense.
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79 Comparative Segment Profitability Cost of revenue Advertising Other operating expense in segment EBITDA Segment EBITDA Segment EBITDA includes share-based compensation expense.
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80 Recent Capital Allocation ($M) Midpoint estimate of organic growth investments (cash flow impact) M&A/equity investments Share repurchases Bond repurchases
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81 Evolution of organic growth investments 1 FY2020 is the investment for the trailing-twelve-month period ended February 28, 2020.
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82 Capital expenditures
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83 Example return profile of recent capital expenditures Example #1: Replacement capex Example #2: Capex for new product line Example # 3: Expansion in key elevated product category $1.9M investment in next-generation technology that is replacing older unsupported equipment. Benefits: Increased output per square foot and other associated COGS savings Payback period: 1.4 years MIRR (3-year return %): 45% $2.1M investment in new lines in an existing facility for new product introduction that will be leveraged by multiple Cimpress businesses in Europe. Benefits: New revenue and profit streams; faster payback by consolidating volumes into one location. Payback period: 2.1 years MIRR (3-year return %): 36% ~$6.0M investment in center of excellence for a key elevated product line in Europe. Benefits: low-cost producer for key product category not currently represented in the region Payback period: ~3 years MIRR (5-year return %): 25+%
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84 History of M&A returns • About half of Cimpress FY25 revenue and EBITDA was from businesses we have acquired and subsequently grown • The charts below show larger businesses we have acquired UFCF2 Return measuresTotal Consideration FY25 Metrics vs TTM Metrics at Acquisition (M) 1 Upload & Print and BuildASign consideration and results include immaterial tuck-in acquisitions made through FY25. Note Revenue, EBITDA and UFCF are consolidated results, but there is non-controlling interest in our PrintBrothers segment (part of Upload & Print; ~1%). 2 Please see reconciliation of non-GAAP financial measures at ir.cimpress.com. Upload & Print Starting in 2014 Including subsequent tuck-in(s)1 National Pen 2016 BuildASign 2018 Including subsequent tuck-in(s)1 €605M €789M cumulative UFCF2 as of FY25 FY25 UFCF2 was 16% of total consideration paid $211M $294M $148M cumulative UFCF2 as of FY25 FY25 UFCF2 was 6% of total consideration paid $106M cumulative UFCF2 as of FY25 FY25 UFCF2 was 7% of total consideration paid
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85 Share Repurchases • Historical repurchases: 28.8 million Cimpress shares repurchased for $1.7 billion at an average price of $60.13 per share. • Key learnings over time about the pace of repurchase activity relative to the current price-to-value gap, while preserving balance sheet flexibility • We expect to continue to use excess cash to reduce our share count while higher intensity in periods of large price-to-value gap, while reducing net leverage in line with policy 1 Diluted weighted average shares outstanding for FY2017, FY2021, FY2022 and FY2023 represent the number of shares we would have reported if we recorded a profit instead of a loss that year. The basic weighted shares outstanding we reported those years was 31.3M, 26.0M, 26.1M and 26.3M, respectively.
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86 Leverage policy Commitment to operate within leverage policy Cimpress Leverage Policy ● We target net leverage at or below approximately 2.5x trailing-twelve-month EBITDA1 ● We may, from time-to-time, increase leverage to as high as approximately 3.0x for investments that we believe to have good returns and with a clear path to delever to the target of approximately 2.5x or below 1 As defined by our credit agreement.
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87 FY2026 outlook commentary As of July 29, 2025; guidance incorporates continued risk from tariffs and macroeconomic environment Revenue Revenue growth of 5% - 6%, assuming currency rates similar to July 2025 and organic constant-currency growth1 of 2% - 3%; Profitability Net income of at least $72M & adjusted EBITDA1 of at least $450M; inclusive of start up costs + costs associated with capex Cash flow Operating cash flow of $310M & adjusted free cash flow1 of $140M ● Year-over-year currency impact to be slightly favorable to adjusted EBITDA, based on exchange rates as of July 2025 ● Capital expenditures to be roughly $100M and capitalized software of $70M ● Cash taxes of approximately $55M - $60M; higher due to refunds received in FY2025 that will not repeat ● Net leverage expected to decrease slightly by end of FY2026 ● FY2025 and FY2026 investments in capex, AI and other efficiency projects expected to contribute to $70M - $80M of adjusted EBITDA improvement exiting FY2027 Additional commentary: 1 Please see reconciliation of non-GAAP financial measures at ir.cimpress.com.
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88 Q1 FY2026 QTD commentary QTD results tracking well relative to FY26 outlook • QTD organic constant-currency revenue growth of ~5%, ahead of FY26 annual guidance range • QTD Vista business card bookings decline is -2%, improved from FY25 driven by specific improvement initiatives • Remain confident in delivery of full-year adjusted EBITDA guidance; QTD adjusted EBITDA slightly ahead of our plan (and our annual plan is higher than our guidance) • Reminder that Q1 is typically a seasonally weaker cash flow quarter; we expect a cash outflow in Q1, but we are tracking in line with our expectations and continue to have ample liquidity
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89 Introducing a framework for minimum level of FY2028 profitability Factoring in growth and the $70 million - $80 million of annual run rate adjusted EBITDA improvement by the end of FY2027 Revenue FY2028 constant-currency growth1 of 4% - 6%; Profitability Net income of at least $200M and Adjusted EBITDA1 of at least $600M Cash flow Adjusted free cash flow1 conversion of ~45% of adjusted EBITDA 1 Please see reconciliation of non-GAAP financial measures at ir.cimpress.com. + Elevated product growth + High value customers + U&P expansion in US + Leveraging capex investments − Business card declines + Gross profit growth + Advertising leverage + Plant start-up costs run off + Cost efficiencies and opex leverage + Currency tailwinds + Tuck-in M&A contributions + EBITDA expansion + Capex as a % of revenue moderated + Cap software leverage + Structural working capital inflows − Higher cash taxes
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90 Achieving this minimum level of adjusted EBITDA1 would yield >11% CAGR from FY2025 to FY2028 Minimum required from organic growth 1 Please see reconciliation of non-GAAP financial measures at ir.cimpress.com. $M USD
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91 We expect significant delevering Meaningful delevering opportunity with ample room for capital allocation ● Based on the minimum FY2028 adjusted EBITDA and resultant cash flow, we have the ability to be meaningfully below 2.0x net leverage by end of FY2028 subject to capital allocation choices such as share repurchases ● Along this delevering path, we expect to be at approximately 2.5x by end of FY27 which still allows for ample room for share repurchases and other capital allocation
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92 Short Break
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93 [Video in progress]
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94 [Video in progress]
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95 Paolo Roatta CEO, The Print Group & Pixartprinting Robert Keane, Moderator Founder, Chairman & CEO Maarten Wensveen EVP, Chief Technology Officer Michael Fries EVP, Europe & Global Manufacturing Panel Discussion: Elevated products/manufacturing & supply chain excellence Bryan Kranik CEO, BuildASign
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96 [Video in progress]
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97 Paolo Roatta CEO, The Print Group & Pixartprinting Meredith Burns, Moderator VP, Investor Relations & Sustainability Panel Discussion: Design enablement Christina Wick EVP, Product Experience Maarten Wensveen EVP, Chief Technology Officer
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98 [Video in progress]
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99 Paolo Roatta CEO, The Print Group & Pixartprinting Maarten Wensveen EVP, Chief Technology Officer Florian Baumgartner CEO, Vista Panel Discussion: Technology & AI Sean Quinn, Moderator EVP, Chief Financial Officer Louise Welch EVP, People & Culture Christina Wick EVP, Product Experience Adam Denenberg EVP, Engineering
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100 Q&A Session
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101 [Video in progress]