[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","c73hot4z85k3yrdp1gl72m870","revision",2,"title","Cimpress披露2026财年第一季度业绩：收入9.341亿美元，归属公司净亏损267万美元","originalTitle","CIMPRESS plc (0001262976) (Filer)","summary","Cimpress披露截至2026年9月30日止三个月收入为9.341亿美元，同比增长8.2%；归属于公司的净亏损为267万美元，基本及摊薄每股亏损均为0.11美元。","reason","材料摘录了截至2026年9月30日季度的营收、亏损、现金流及债务情况，也列出收购相关支出和关税退款等影响业绩的因素。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_77":88},"publishedAt","2026-10-29T21:24:56.000Z","discoveredAt","2026-10-29T21:55:13.545Z","timelineAt","category","ai-products","tags",[83,84,85],"stockSymbols",[82],"score",65,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","fRmrbztCN3po",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","9fb852cc-4158-4ea4-a1d9-26830db1d345","Cimpress披露2027财年第一季度业绩及展望",{"_72":73,"_16":74},"

美国

证券交易委员会

华盛顿特区 20549

_________________________________

表 10-Q


（选择一项）
☑	根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告
	截至	2026 年 9 月 30 日
或
☐	根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告
	从至

委员会文件编号 000-51539

_________________________________

Cimpress plc

（根据其章程指定的注册人全名）

_________________________________

爱尔兰

98-0417483

（注册或组织的州或其他司法管辖区）

（美国国税局雇主

识别号码）

第一层建筑 3，Finnabair 商业和技术园区 A91 XR61，

Dundalk, Co. Louth,

爱尔兰

（主要执行办公室地址）

注册人的电话号码，包括区号：353 42 938 8500

根据《法案》第 12(b) 条注册的证券：

每类证券的名称

交易符号

注册的交易所名称

面值为 0.01 欧元的普通股

CMPR

纳斯达克全球精选市场

______________________________

通过勾选方框表明注册人：(1) 是否已提交根据《证券交易法》第 13 或 15(d) 条在前 12 个月（或注册人需要提交此类报告的较短期间）内应提交的所有报告，以及 (2) 是否在过去 90 天内受到此类提交要求的约束。是 þ 否 o

通过勾选方框表明注册人是否在前 12 个月（或注册人需要提交此类文件的较短期间）内提交了根据规则 405 的所有交互式数据文件（§ 232.405 本章）。是 þ 否 o

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易法》第 12b-2 条中对“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。

大型加速提交者

加速提交者

☐

非加速提交者

☐

较小报告公司

☐

新兴成长公司

☐

如果是一家新兴成长公司，请通过勾选方框表明注册人是否已选择不使用根据《交易法》第 13(a) 条提供的任何新修订的财务会计标准的延长过渡期。 o

Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2). Yes ☐ No þ

As of October 26, 2026, there were 24,620,977 Cimpress plc ordinary shares outstanding.

CIMPRESS PLC

QUARTERLY REPORT ON FORM 10-Q

For the Three Months Ended September 30, 2026

TABLE OF CONTENTS


		Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)	1
Consolidated Balance Sheets as of September 30, 2026 and June 30, 2026	1
Consolidated Statements of Operations for the three months ended September 30, 2026 and 2025	2
Consolidated Statements of Comprehensive Income for the three months ended September 30, 2026 and 2025	3
Consolidated Statements of Shareholders' Deficit for the three months ended September 30, 2026 and 2025	4
Consolidated Statements of Cash Flows for the three months ended September 30, 2026 and 2025	5
Notes to Consolidated Financial Statements	6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3. Quantitative and Qualitative Disclosures About Market Risk	37
Item 4. Controls and Procedures	38

PART II OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 5. Other Information	38
Item 6. Exhibits	39
Signatures	40

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CIMPRESS PLC

CONSOLIDATED BALANCE SHEETS

(unaudited in thousands, except share and per share data)


	September 30, 2026		June 30, 2026
Assets
Current assets:
Cash and cash equivalents	$	120,127			$	248,851

Accounts receivable, net of allowances of $6,803 and $6,772, respectively	87,381			73,621
Inventory	153,741			136,982
Prepaid expenses and other current assets	110,978			104,998
Assets held for sale	46,303			—
Total current assets	518,530			564,452
Property, plant and equipment, net	404,744			367,160
Operating lease assets, net	118,166			121,022
Software and website development costs, net	104,735			106,788
Deferred tax assets	52,356			50,930
Goodwill	882,633			850,778
Intangible assets, net	87,944			70,580

Other assets	75,774			70,801
Total assets	$	2,244,882			$	2,202,511
Liabilities, noncontrolling interests and shareholders’ deficit
Current liabilities:
Accounts payable	$	304,814			$	333,252
Accrued expenses	351,028			324,744
Deferred revenue	56,991			48,534
Short-term debt	49,487			14,620
Operating lease liabilities, current	25,238			24,753
Other current liabilities	29,331			29,687

Total current liabilities	816,889			775,590
Deferred tax liabilities	31,471			24,487
Long-term debt	1,594,683			1,597,361

Operating lease liabilities, non-current	101,234			102,549
Other liabilities	101,653			100,801
Total liabilities	2,645,930			2,600,788
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests (Note 11)	78,361			75,567
Shareholders’ deficit:
优先股，面值每股0.01欧元，授权发行1亿股；未发行和流通	—			—
普通股，面值每股0.01欧元，授权发行1亿股；分别发行42,590,059股和42,318,634股；分别流通24,618,812股和24,347,387股	599			596

库藏股，按成本计算，两个报告期间均为17,971,247股	(1,363,550)			(1,363,550)
额外支付资本	624,893			623,454
留存收益	275,690			279,418
其他综合亏损累计	(36,883)			(33,903)


归属于Cimpress plc的股东权益赤字总额	(499,251)			(493,985)
非控制性权益（注11）	19,842			20,141
股东权益赤字总额	(479,409)			(473,844)
总负债、非控制性权益和股东权益赤字	$	2,244,882			$	2,202,511

详见附注。

CIMPRESS PLC

合并利润表

（未经审计，以千为单位，除每股数据外）


	截至9月30日的三个月
		2026		2025
收入		$	934,052			$	863,277
销售成本 (1)		525,891			460,476
技术和开发费用 (1)		86,153			84,886
市场和销售费用 (1)		223,865			210,398
一般及行政费用 (1)		63,193			53,996
已购无形资产摊销		4,936			4,252
重组费用 (1)		3,994			298


运营收入		26,020			48,971
其他净收入		5,949			3,453
净利息支出		(26,337)			(28,066)

税前收入		5,632			24,358
所得税费用		6,623			17,838
净（损失）收入		(991)			6,520
加：归属于非控制性权益的净（损失）收入		(1,678)			1,117
归属于Cimpress plc的净（损失）收入		$	(2,669)			$	7,637
归属于Cimpress plc的基本每股（损失）收入		$	(0.11)			$	0.31
归属于Cimpress plc的稀释每股（损失）收入		$	(0.11)			$	0.30
加权平均流通股数 — 基本		24,484,986			24,574,455

加权平均流通股数 — 稀释		24,484,986			25,051,742

____________________________________________

（1）股权激励费用的分配如下：


	截至9月30日的三个月
		2026		2025
销售成本		$	216			$	211
技术和开发费用		4,868			4,941
市场和销售费用		2,703			2,686
一般及行政费用		8,124			6,955
重组费用		156			—

详见附注。

CIMPRESS PLC

合并综合收益表

（未经审计，以千为单位）


	截至9月30日的三个月
		2026		2025
净（损失）收入		$	(991)			$	6,520
其他综合（损失）收入，税后：
外币折算损失，扣除对冲		(4,536)			(523)
指定并符合现金流量对冲条件的衍生工具的未实现净收益		3,080			291
从累计其他综合收益（损失）转入净（损失）收入的衍生工具金额		(1,268)			(720)
指定并符合公允价值对冲条件的衍生工具的未实现净损失		(490)			—



综合（损失）收入		(4,205)			5,568
加：归属于非控制性权益的综合（收入）损失		(1,444)			1,113
归属于Cimpress plc的综合（损失）收入总额		$	(5,649)			$	6,681

详见附注。

CIMPRESS PLC

合并股东权益变动表

（未经审计，以千为单位）


	普通股			库藏股
	股数发行	金额			股数发行	金额		Additional Paid-in Capital		留存收益		其他综合累计损益	股东权益总额赤字
2025年6月30日余额	42,449		$	597			(17,971)			$	(1,363,550)		$	592,315	$	225,117		$	(37,969)	$	(583,490)
因股票期权行权而发行的普通股，扣除代扣税款后的净额	11		—			—			—			508		—	—		508
购买并注销普通股	(45)		(1)			—			—			(674)		(2,051)	—		(2,726)
行权的股权激励，扣除代扣税款后的净额	224		4			—			—			(6,707)		—	—		(6,703)
股权激励费用	—		—			—			—			14,474		—	—		14,474
归属于Cimpress plc的净利润	—		—			—			—			—		7,637	—		7,637
指定并符合现金流量对冲条件的衍生工具的未实现损失	—		—			—			—			—		—	(429)		(429)
外币折算，扣除对冲	—		—			—			—			—		—	(527)		(527)
2025年9月30日余额	42,639		$	600			(17,971)			$	(1,363,550)		$	599,916	$	230,703		$	(38,925)	$	(571,256)





2026年6月30日余额	42,319	$	596		(17,971)		$	(1,363,550)		$	623,454	$	279,418		$	(33,903)	$	(493,985)
因股票期权行权而发行的普通股，扣除代扣税款后的净额	3	—		—		—			156		—	—		156

行权的股权激励，扣除代扣税款后的净额	268	3		—		—			(13,761)		—	—		(13,758)

股权激励费用	—	—		—		—			15,439		—	—		15,439
归属于Cimpress plc的净亏损	—	—		—		—			—		(2,669)	—		(2,669)
可赎回非控制权益按赎回价值累进	—	—		—		—			—		(1,059)	—		(1,059)
由于购买股份导致的非控制权益减少	—	—		—		—			(395)		—	—		(395)
指定并符合现金流量对冲条件的衍生工具的未实现收益	—	—		—		—			—		—	2,046		2,046
指定并符合公允价值对冲条件的衍生工具的未实现损失	—	—		—		—			—		—	(490)		(490)
外币折算，扣除对冲	—	—		—		—			—		—	(4,536)		(4,536)

2026年9月30日余额	42,590	$	599		(17,971)		$	(1,363,550)		$	624,893	$	275,690		$	(36,883)	$	(499,251)

参见附注。

CIMPRESS PLC

现金流量表

（未经审计，以千为单位）


	截至9月30日的三个月
		2026		2025
经营活动
净（损失）收入		$	(991)			$	6,520
调整项目以将净（损失）收入调整为经营活动产生的净现金：
折旧和摊销		44,280			36,618
股权激励费用		16,067			14,793


递延税项		(3,674)			2,772




包含在净（损失）收入中的未实现收益，这些衍生工具未被指定为对冲工具		(7,690)			(6,143)
汇率变动对以非功能货币计价的货币性资产和负债的影响		4,935			(1,533)

其他非现金项目		(325)			2,092

经营性资产和负债的变化，扣除收购业务的影响：
应收账款		(10,905)			(12,648)
存货		(14,388)			(10,635)
预付费用和其他资产		(1,601)			(3,244)
应付账款		(23,407)			(13,193)
应计费用和其他负债		26,628			9,660
经营活动产生的净现金		28,929			25,059
投资活动
购置固定资产、厂房和设备		(22,803)			(26,353)

收购业务，扣除所获现金		(131,557)			—

软件和网站开发成本的资本化		(16,429)			(17,286)
出售资产所得		1,053			821




指定为对冲工具的衍生工具结算所得		617			—

投资活动使用的净现金		(169,119)			(42,818)
融资活动


借款所得		100,848			182




债务偿还		(69,529)			(3,916)





融资租赁义务的支付		(3,120)			(2,001)
购买非控制权益		(403)			—


普通股发行所得		156			508
购买普通股		—			(2,726)
与股权奖励相关的预提税支付		(13,758)			(6,703)



融资活动产生的净现金		14,194			(14,656)
汇率变动对现金的影响		(2,728)			(1,062)

现金及现金等价物的净减少额		(128,724)			(33,477)
期初现金及现金等价物		248,851			233,982
期末现金及现金等价物		$	120,127			$	200,505




现金流量信息的补充披露
支付的利息现金	37,185	37,480
收到的利息现金	4,227	3,127
支付的所得税现金	11,730	12,813
非现金投资和融资活动
通过融资租赁取得的财产和设备	9,950	1,381
与固定资产、厂房和设备相关的应计金额	9,883	14,586
与资本化软件开发成本相关的应计金额	625	154

详见附注。

CIMPRESS PLC

合并财务报表附注

（未经审计，以千为单位，除每股数据和股份数量外）

1. 业务描述

Cimpress plc（“公司”）帮助数百万家企业通过定制的实体营销产品和品牌商品来建立品牌、脱颖而出并实现增长。Cimpress是网络到印刷大规模定制的全球领导者，能够快速便捷地提供高质量、价格合理的定制产品，甚至在小批量情况下也是如此。我们的产品和服务包括广泛的营销材料、名片、标识、促销产品、logo服装、包装、书籍和杂志、墙面装饰、照片商品、请柬和通知、设计和数字营销服务以及其他类别。大规模定制是每个Cimpress业务的核心商业模式，是一种竞争策略，旨在以接近大规模生产的效率满足个人客户的需求。

2。重要会计政策摘要

列报基础

合并财务报表包括Cimpress plc及其全部拥有的子公司以及我们保持控制性财务利益的实体的账目。已消除公司间的余额和交易。我们无法行使重大影响的实体中的投资，以及相关股权证券没有可确定公允价值的投资，列示在合并资产负债表的其他资产中；否则，投资通过权益法核算。我们的权益法投资列示在合并资产负债表的其他资产中。

估计的使用

根据美国通用会计准则（“GAAP”）编制财务报表需要管理层做出影响合并财务报表和附注中报告金额的估计和假设。我们认为我们最重要的估计与长期资产和商誉的可回收性持续评估、可赎回非控制性权益的估计公允价值、资产的估计使用寿命、股权激励、所得税及相关估值准备金等有关。由于估计的性质，它们存在固有的不确定性。实际结果可能与这些估计不同。

待售资产

我们将在用的长期资产（或处置组）分类为待售资产，当管理层承诺出售该资产的计划、该资产在当前状态下可立即出售、已启动寻找买方的积极计划、出售可能性很大且预计在一年内完成，并且不太可能对计划作出重大更改时。分类为待售资产和负债的资产和负债在合并资产负债表中单独列示。我们评估任何计划中的资产出售范围，以确定其是否代表对我们运营和财务结果有重大影响的战略性转变。如果满足此标准，处置组的运营结果将在合并损益表中作为终止经营列示。分类为待售的资产按其账面价值或公允价值减去预计出售成本的较低者计量，并且我们停止对这些资产计提折旧和摊销费用。然而，在业务合并中于收购日符合待售标准的资产，最初按公允价值减去预计出售成本计量。有关更多信息，请参阅第6号注释。

净其他收入

下表总结了净其他收入的组成部分。


	截至9月30日的三个月
		2026		2025
未指定为对冲工具的衍生品收益（1）		$	6,554			$	3,451
净货币相关损失（2）		(2,817)			(181)
其他收益		2,212			183
净其他收入		$	5,949			$	3,453

_____________________

（1）包括未指定为对冲工具的衍生货币远期和期权合约的已实现和未实现收益和损失。对于未指定为对冲工具的合约，我们分别在截至2026年9月30日和2025年9月30日的三个月内实现了1,136美元和2,692美元的损失。有关我们衍生品合约的更多信息，请参阅第4号注释。

（2）净货币相关损失主要与我们可能在某些时候改变的显著非功能货币内部融资关系有关，并且受货币汇率波动的影响。

归属于Cimpress plc的每股净（损失）收入

归属于Cimpress plc的基本每股净（损失）收入是通过将归属于Cimpress plc的净（损失）收入除以各自期间的加权平均普通股股数计算得出的。归属于Cimpress plc的稀释每股净（损失）收入考虑了所有潜在的稀释性证券，包括股票期权、限制性股票单位（“RSUs”）、业绩股票单位（“PSUs”）和认股权证，如果这些证券的影响是稀释性的，将采用库存股票法计算。只有在报告期末的条件下已经满足且其影响是稀释性的情况下，才使用库存股票法包括具有业绩或市场条件的奖励。

下表列示了加权平均普通股股数的调节情况。


	截至9月30日的三个月
		2026	2025
基本每股加权平均股数		24,484,986		24,574,455
根据未发行股票期权/PSUs/RSUs/认股权证的行权/归属而可能发行的加权平均股数（1）（2）		—		477,287
用于计算归属于Cimpress plc的稀释每股净（损失）收入的股数		24,484,986		25,051,742
稀释每股收益中排除的加权平均反稀释股份（1）（2）		1,692,178		1,955,243

__________________

（1）在确认净亏损的期间，由于认股权证、绩效股票单位（PSUs）、限制性股票单位（RSUs）和认股权证具有反稀释性，因此它们对计算稀释每股净亏损所用股份的影响被排除在外。

（2）2020年5月1日，我们签订了一项融资协议，其中包括7年期的认股权证，可购买1,055,377 股普通股，行权价为60美元。如果该期间普通股的平均市场价格高于认股权证的行权价，则认股权证对我们的加权平均流通股的影响是稀释性的；如果该期间普通股的平均市场价格低于认股权证的行权价，则认股权证对我们的加权平均流通股的影响是反稀释性的。

最近发布或采用的会计准则

将采用的会计准则

2025年11月，财务会计准则委员会（\"FASB\"）发布了会计准则更新第2025-09号“衍生品和对冲（主题815）：对冲会计改进”（ASU 2025-09），该更新更紧密地将对冲会计与企业风险管理活动的经济实质相一致。该标准将于我们2028年6月30日结束的财年年度报告以及该财年内的每个中期期间开始生效。允许提前采用，但我们不打算提前采用此标准。我们预计该标准的采用不会对我们的合并财务报表产生重大影响。

2025年9月，FASB发布了会计准则更新第2025-06号“无形资产-商誉和其他-内部使用软件（子主题350-40）：对内部使用软件会计的针对性改进”（ASU 2025-06），该更新现代化了内部使用软件成本的会计指引，并要求在（1）管理层已授权并承诺资助软件项目，且（2）该项目很可能完成并且软件将用于执行预期功能时，开始对软件成本进行资本化。该标准将于我们2029年6月30日结束的财年年度报告以及该财年内的每个中期期间开始生效。允许提前采用，但我们不打算提前采用此标准。我们预计该标准的采用不会对我们的合并财务报表产生重大影响。

采用此标准。我们预计该标准的采用不会对我们的合并财务报表产生重大影响。

2024年11月，FASB发布了会计准则更新第2024-03号“利润表（子主题220-40）：利润表费用的分解”（ASU 2024-03），该更新要求将利润表费用分解为指定类别进行披露。扩展的披露要求将于我们2028年6月30日结束的财年年度报告以及之后的每个中期期间开始生效。允许提前采用，但我们不打算提前采用此标准。我们预计该标准的采用不会对我们的合并财务报表产生重大影响。

3. 公允价值计量

我们使用三级估值层次对公允价值进行计量，并在财务报表中详细披露有关公允价值计量的信息。估值层次是基于在计量日资产或负债估值的输入值的透明度而确定的。三个层次定义如下：

•第1级：估值方法的输入值是活跃市场中相同资产或负债的未调整报价。

•第2级：估值方法的输入值包括活跃市场中类似资产和负债的报价、非活跃市场中相同或类似资产的报价以及可观察到的资产或负债的输入值，无论是直接还是间接地，对于金融工具的实质性全部期限。

•第3级：估值方法的输入值是不可观测的，并且对公允价值计量是重要的。

金融工具在估值层次中的分类是基于对公允价值计量重要的最低层次的输入值。以下表格总结了我们按常规基础计量公允价值的资产和负债，并使用公允价值层次进行分类。


	2026年9月30日
	总计		活跃市场中相同资产的报价 (第1级)		其他显著可观察输入 (第2级)		显著不可观察输入 (第3级)
资产
利率互换合同	$	12,796			$	—		$	12,796	$	—

货币远期合同	13,185			—			13,185		—

按公允价值记录的总资产	$	25,981			$	—		$	25,981	$	—

负债

交叉货币互换合同	$	(22,222)			$	—		$	(22,222)	$	—
货币远期合同	(2,571)			—			(2,571)		—
货币期权合同	(1,641)			—			(1,641)		—
按公允价值记录的总负债	$	(26,434)			$	—		$	(26,434)	$	—


	2026年6月30日
	总计		活跃市场中相同资产的报价 (第1级)		其他显著可观察输入 (第2级)		显著不可观察输入 (第3级)
资产
利率互换合同	$	10,951			$	—		$	10,951	$	—

货币远期合同	6,083			—			6,083		—

按公允价值记录的总资产	$	17,034			$	—		$	17,034	$	—

负债

交叉货币互换合同	$	(24,566)			$	—		$	(24,566)	$	—
货币远期合同	(2,834)			—			(2,834)		—
货币期权合同	(2,703)			—			(2,703)		—
按公允价值记录的总负债	$	(30,103)			$	—		$	(30,103)	$	—

在截至2026年9月30日和2025年9月30日的三个月内，Level 1、Level 2和Level 3分类之间没有重大转移。

旨在缓解我们的利率和货币风险的衍生品的估值是通过广泛接受的估值技术确定的，包括对每种工具预期现金流的折现现金流分析。该分析利用可观察的基于市场的输入，包括利率曲线、利率波动率或即期和远期汇率，并反映这些工具的合同条款，包括到期期限。在公允价值计量中，我们纳入了信用估值调整，以适当反映我们自身的不履约风险和各自交易对手的不履约风险，并在此过程中考虑了净额结算和任何适用的信用增强的影响。

尽管我们确定用于估值衍生品的大多数输入属于公允价值层级的第2级，但与我们的衍生品相关的信用估值调整使用了第3级输入，例如当前信用利差的估计值，以在公允价值计量中适当反映我们自身的不履约风险和各自交易对手的不履约风险。然而，截至2026年9月30日，我们评估了信用估值调整的影响，并确定其对我们的衍生品整体估值不具有重大影响，因此我们的衍生品估值整体在公允价值层级中被归类为第2级。

截至2026年9月30日和2026年6月30日，我们的现金及现金等价物、应收账款、应付账款和其他流动负债的账面金额接近其估计的公允价值。截至2026年9月30日和2026年6月30日，我们的债务（不包括债务发行成本和债务溢价和折价）的账面价值分别为1,667,631和1,636,404，公允价值分别为1,654,812和1,643,976。我们截至2026年9月30日的债务包括以期限SOFR为基准的浮动利率债务工具，这些工具定期重新设定利率，以及固定利率债务工具。我们债务的估计公允价值是根据具有实质性相似风险、条款和到期日的债务工具的近期交易或活动的可用市场信息确定的，这些属于公允价值层级的第2级。

上述披露的资产和负债的估计公允价值可能不能代表未来可能实现或已经实现的实际价值。

4. 衍生金融工具

我们使用衍生金融工具，如利率互换协议、交叉货币互换协议以及货币远期和期权协议，以管理利率和外币敞口。衍生工具按公允价值记录在合并资产负债表中。如果衍生工具被指定为现金流量对冲、公允价值对冲或净投资对冲，则衍生工具公允价值的变动将记录在累计其他综合损失中，并在对冲的预期交易影响收益的期间，随后转入收益。我们之前曾将一笔内部贷款指定为净投资对冲，该贷款的未实现货币损益已记录在累计其他综合损失中。此外，与有效且指定的对冲相关的任何无效性均在累计其他综合损失中确认。未指定为对冲的衍生工具的公允价值变动直接在收益中确认，作为其他收入净额的一部分。

利率风险对冲

我们签订利率互换协议，以管理与我们部分债务相关的已知或预期现金支付金额的波动性。我们使用利率互换的目的是增加利息支出的稳定性并管理我们对利率变动的敞口。我们将利率互换指定为现金流量对冲。作为现金流量对冲的利率互换涉及从交易对手处接收可变金额，以换取我们在协议期限内支付固定利率，而不交换基础名义金额。利率互换的已实现损益作为利息支出净额的一部分记录在收益中。与利率互换协议相关的累计其他综合损失金额将在我们对可变利率债务的利息支付确认或支付时转入利息支出净额。

截至2026年9月30日，我们预计在截至2027年9月30日的十二个月内，将有8380美元的收益从累计其他综合损失转入利息支出净额。截至2026年9月30日，我们有六份有效的未到期利率互换协议，这些协议以Term或Daily SOFR为基准。我们的利率互换协议的起始和到期日期各不相同，直至2028年4月。


未到期的利率互换协议：	名义金额
截至2026年9月30日计息的协议（1）	$	350,000
具有未来起始日期的协议	80,000
总计	$	430,000

________________________

（1）根据截至2026年9月30日的未到期协议，我们已签订的利率互换协议的名义价值将在2028年4月前根据分层的起始日期和到期日，在320,000美元至380,000美元之间波动。

货币风险对冲

交叉货币互换协议

指定为净投资对冲的交叉货币掉期合约用于缓解我们在子公司中的净投资货币暴露，这些子公司的报告货币不是美元。交叉货币掉期涉及根据约定的汇率，以我们的报告货币交换获得被对冲货币的名义金额。随后，在合约期限内，我们以固定利率支付我们的报告货币，以换取被对冲货币的固定利率支付。到期时，最终的交换涉及以被对冲货币的名义金额交换获得我们的报告货币。

截至2026年9月30日，我们有一份指定为净投资对冲的交叉货币掉期合约，名义金额总计254,547美元，将于2028年9月到期。我们签订该交叉货币掉期合约是为了对冲我们合并子公司中一部分净投资的美元等值价值变动风险，该子公司的功能货币为欧元。累计其他综合损失中报告的金额作为我们累计汇兑调整的一部分。

其他货币对冲

我们执行货币远期和期权合约，以缓解我们对各种货币相对于我们的报告货币（美元）波动的敞口。这些合约或内部贷款可能被指定为对冲，以缓解我们合并子公司中一部分净投资的美元等值价值变动风险，这些子公司的功能货币为欧元。

截至2026年9月30日，我们有两项指定为净投资对冲的货币远期合约，名义金额为75,874美元，起始和到期日期各不相同，持续至2027年12月。净投资对冲的影响作为汇兑调整的一部分，扣除对冲后，计入累计其他综合损失，并且只有在被对冲的子公司不再是合并实体时才会重新分类至收益。

截至2026年9月30日，我们有一项指定为公允价值对冲的货币远期合约，名义金额为151,094美元，将于2031年6月到期。公允价值对冲的即期汇率定期市价变动计入其他收入（净额），这抵消了相关内部贷款的市价外币重估。我们选择将远期点部分排除在对冲有效性评估之外。因此，初始的远期点部分计入累计其他综合损失，并在远期合约期限内按直线法摊销至其他收入（净额）。任何与远期点部分相关的后续市价变动均计入并保留在累计其他综合损失中，直至合约到期。

我们决定不对所有其他货币远期和期权合约应用套期会计。在截至2026年9月30日和2025年9月30日的三个月内，由于未实现损益的货币远期和期权合约的公允价值变动，我们在合并损益表中的其他收入（净额）中经历了波动。我们预计对于不应用套期会计的合约，这种波动将在未来期间持续存在。此外，由于我们的对冲目标可能针对排除非现金项目（如折旧和摊销）的非GAAP财务指标，因此我们可能会因货币对冲计划而经历GAAP结果的波动。

在大多数情况下，我们签订这些不应用套期会计的货币衍生合约，是为了应对某些货币的净敞口，这些货币与调整后EBITDA（非GAAP财务指标）相关。调整后EBITDA敞口是我们大部分公允价值变动货币远期和期权合约的重点，因为债务契约中引用了类似的指标，这是我们修订和重述的高级担保信贷协议（有关该协议的更多信息，请参阅第9号注释）。按数量计算，我们最重要的净货币敞口是欧元和英镑（GBP）。我们的调整后EBITDA对冲方法使我们能够几乎对冲未来十二个月内预计的欧元和英镑净敞口，对冲比例在二十四个月内逐渐下降。对于其他净影响较小的货币，我们几乎对冲未来六个月预计的净敞口，对冲比例在十五个月内逐渐下降。

截至2026年9月30日，我们有以下未指定用于套期会计的货币衍生合约，这些合约主要用于对冲预期交易或以澳大利亚元、加元、捷克克朗、丹麦克朗、欧元、英镑（GBP）、印度卢比、墨西哥比索、新西兰元、挪威克朗、菲律宾比索、瑞士法郎和瑞典克朗计价的交易或余额的美元价值波动：

名义金额

生效日期

到期日期

工具数量

指数

$1,001,965

2024年12月至2026年9月

截至2028年9月的各种日期

631

各种

金融工具披露

下表显示了我们衍生金融工具的公允价值及其在2026年9月30日和2026年6月30日资产负债表上的分类。我们的衍生资产和负债余额会随着利率和货币汇率波动而波动。


	2026年9月30日
	资产衍生品	负债衍生品
	资产负债表项目	确认资产的总额		在合并资产负债表中抵销的金额		净额		资产负债表项目	确认负债的总额		在合并资产负债表中抵销的金额		净额
指定为对冲工具的衍生品
现金流量对冲关系中的衍生品
利率互换	其他流动资产 / 其他资产	$	12,796			$	—		$	12,796			其他流动负债 / 其他负债	$	—		$	—	$	—


在净投资对冲关系中的衍生工具
货币互换	其他资产	—			—			—		其他负债		(22,222)		—		(22,222)
货币远期合约	其他流动资产 / 其他资产	1,380			—			1,380		其他流动负债 / 其他负债		—		—		—
在公允价值对冲关系中的衍生工具
货币远期合约	其他资产	382			—			382		其他负债		—		—		—
作为对冲工具指定的总衍生工具		$	14,558			$	—		$	14,558				$	(22,222)		$	—	$	(22,222)

未作为对冲工具指定的衍生工具


货币远期合约	其他流动资产 / 其他资产	$	20,180			$	(8,757)		$	11,423			其他流动负债 / 其他负债	$	(2,898)		$	327	$	(2,571)
货币期权合约	其他流动资产	—			—			—		其他流动负债		(1,942)		301		(1,641)
未作为对冲工具指定的总衍生工具		$	20,180			$	(8,757)		$	11,423				$	(4,840)		$	628	$	(4,212)


	2026年6月30日
	资产衍生工具	负债衍生工具
	资产负债表项目	确认资产的总额		在合并资产负债表中抵销的总额		净额		资产负债表项目	确认负债的总额		在合并资产负债表中抵销的总额		净额
作为对冲工具指定的衍生工具
在现金流量对冲关系中的衍生工具
利率互换	其他流动资产 / 其他资产	$	10,951			$	—		$	10,951			其他流动负债 / 其他负债	$	—		$	—	$	—


在净投资对冲关系中的衍生工具
货币互换	其他资产	—			—			—		其他负债		(24,566)		—		(24,566)
货币远期合约	其他资产	1,037			—			1,037		其他负债		—		—		—
作为对冲工具指定的总衍生工具		$	11,988			$	—		$	11,988				$	(24,566)		$	—	$	(24,566)

未作为对冲工具指定的衍生工具


货币远期合约	其他流动资产 / 其他资产	$	14,221			$	(9,175)		$	5,046			其他流动负债 / 其他负债	$	(3,300)		$	466	$	(2,834)
货币期权合约	其他流动资产 / 其他资产	—			—			—		其他流动负债 / 其他负债		(2,772)		69		(2,703)
未作为对冲工具指定的总衍生工具		$	14,221			$	(9,175)		$	5,046				$	(6,072)		$	535	$	(5,537)

下表显示了我们作为对冲工具指定的衍生金融工具及其在综合（损失）收入中的分类，扣除税后的效果，截至2026年9月30日和2025年9月30日的三个月：


	截至2026年9月30日的三个月
		2026		2025
在现金流量对冲关系中的衍生工具
利率互换		$	3,080			$	291

在净投资对冲关系中的衍生工具
货币互换		2,108			950

货币远期合约		1,052			205
在公允价值对冲关系中的衍生工具
货币远期合约		(490)			—
总计		$	5,750			$	1,446

下表显示了截至2026年9月30日和2025年9月30日的三个月，从累计其他综合损益中重分类的金额：


		从累计其他综合损益重分类至（损失）收入的净（收益）损失金额	影响利润表中的项目
	截至2026年9月30日的三个月
		2026		2025
现金流量对冲关系中的衍生工具
利率互换		$	(1,343)			$	(882)		净利息支出

净投资对冲关系中的衍生工具
货币远期合约		(267)			—			净利息支出


税前总额		(1,610)			(882)			税前收入
税项		342			162			税项费用
总额		$	(1,268)			$	(720)

下表列示了我们未选择套期会计的衍生工具在截至2026年9月30日和2025年9月30日的三个月内，在合并运营报表中记录的公允价值调整：


		计入净收入（损失）的收益（损失）金额	影响的运营报表项目
	截至2026年9月30日的三个月
		2026		2025
货币合约		$	6,554		$	3,451	其他净收入

总额		$	6,554		$	3,451

5. 其他综合亏损

下表列示了截至2026年9月30日的三个月内，按项目分类并扣除税项236美元后确认的其他综合亏损的变动情况：


	现金流量对冲的收益（损失）		公允价值对冲的收益（损失）				养老金福利义务的损失	折算调整，扣除对冲（3）	总额
2026年6月30日的余额	$	6,370			$	—			$	(1,236)	$	(39,037)	$	(33,903)
扣除重分类前的其他综合收益（损失）	3,080			(490)				—		(4,302)	(1,712)
从其他综合亏损重分类至净收入（损失）的金额	(1,034)			—				—		(234)	(1,268)
本期其他综合收益（损失）净额	2,046			(490)				—		(4,536)	(2,980)
2026年9月30日的余额	$	8,416			$	(490)			$	(1,236)	$	(43,573)	$	(36,883)

________________________

（1）现金流量对冲的收益（损失）包括我们指定为现金流量对冲关系的利率互换合约。

（2）公允价值对冲的收益（损失）包括我们指定为公允价值对冲关系的货币远期合约。

（3）截至2026年9月30日和2026年6月30日，折算调整包括我们净投资对冲的已实现和未实现影响。截至2026年9月30日和2026年6月30日，已计入其他综合亏损的指定为净投资对冲的货币远期和交叉货币互换合约的收益（损失），税后分别为1,082美元和（1,844）美元。与一笔已结算贷款42,159美元相关的公司间贷款对冲收益，税后，已计入两个报告期间的其他综合亏损。

6. 企业合并

收购Saxoprint和viaprinto

2026年7月2日，我们以总购买对价141,081美元（按收购日汇率折算为123,996欧元）收购了CEWE Stiftung & Co. KGaA（统称“Saxoprint”）的Saxoprint和viaprinto业务的所有已发行股权权益。我们使用现有现金余额和高级担保循环信贷额度以现金支付了此次收购。

Saxoprint总部位于德国德累斯顿，为商业客户提供服务，以其高质量、低成本的传单、小册子、宣传册、产品目录和杂志的生产能力而闻名。viaprinto是一家经销商，以通过直观的用户体验和增值服务为商业客户提供服务而著称。此次收购扩展了我们在制造领域的深厚专业知识和规模优势。我们预计通过将其他Cimpress业务中某些产品的生产内包至Saxoprint的生产能力，并通过从我们在欧洲的专注生产中心采购产品来扩大Saxoprint的产品范围，从而实现显著的协同效应。这些业务在欧洲运营，并将被纳入我们的PrintBrothers报告业务部门。

我们根据收购日的公允价值确认了资产和负债，任何支付的购买价格超过所记录的净资产公允价值的部分均确认为商誉，这主要归因于我们通过此次收购预期实现的公司特定协同效应，以及制造工艺和专业知识及其组建的员工队伍。商誉余额已分配至PrintBrothers报告业务部门，其中8,861美元的商誉余额可在税务上抵扣。

我们识别并评估了Saxoprint的无形资产，包括其商标名称、客户关系和已开发技术。在2027财年第一季度，我们批准了一项计划，以市场和执行其制造设施的售后回租，因此，我们自收购日起将该资产分类为待售资产。我们根据预计销售价格减去销售成本的公允价值对资产进行了计量，采用市场法，考虑了可观察的市场数据和其他不可观察的定价指示（属于第三级公允价值计量），这导致初始公允价值为46,449美元。我们对收购日具体可识别资产和负债的公允价值的初步估计可能在最终确定我们的估值分析（包括某些估值假设）后发生变化。最终确定的结果可能导致某些资产和负债的公允价值与我们的初步估计有所不同，我们预计将在2027财年第二季度完成这些调整。

初步公允价值的资产和负债以及剩余商誉为：

金额

预计使用寿命（年）

取得的有形资产和承担的负债：

现金及现金等价物

9,524

n/a

应收账款，净额

3,973

n/a

存货

7,339

n/a

固定资产，净额

30,838

n/a

待售资产

46,449

n/a

其他资产

2,604

n/a

应付账款

(409)

n/a

应计费用

(8,198)

n/a

递延收入

(859)

n/a

递延税负债

(7,986)

n/a

其他负债

(1,145)

n/a

可识别的无形资产：

客户关系

11,150

7年

商标名称

5,507

10年

已开发技术

5,814

3年

商誉

36,480

n/a

总购买价格

141,081

不适用

Saxoprint 自其收购日起已纳入我们的合并财务报表。Saxoprint 在截至 2026 年 9 月 30 日的三个月内纳入我们合并财务报表的收入和收益并不重要。此次收购不需要单独的财务结果和假设财务信息。在此次收购中，我们于截至 2026 年 9 月 30 日的三个月内产生了非重要的普通及行政费用，作为我们中央及公司成本的一部分，主要与法律、财务和其他专业服务有关。

行政费用，作为我们中央及公司成本的一部分，主要与法律、财务和其他专业服务有关。

7. 商誉

截至 2026 年 9 月 30 日和 2026 年 6 月 30 日，按报告分部列示的商誉账面金额如下：


	VistaPrint		PrintBrothers		The Print Group		其他所有业务	总计
截至 2026 年 6 月 30 日的余额	$	303,229			$	164,784		$	187,844	$	194,921	$	850,778
收购 (1)	—			36,480			—		—	36,480



货币汇率调整的影响 (2)	(2,071)			(1,413)			(1,141)		—	(4,625)
截至 2026 年 9 月 30 日的余额	$	301,158			$	199,851		$	186,703	$	194,921	$	882,633

________________________

(1) 2026 年 7 月 2 日，我们收购了 Saxoprint，该业务包含在我们的 PrintBrothers 报告分部中。更多详情请参见第 6 章。

(2) 与功能货币不是美元的子公司的商誉有关。

8. 其他资产负债表项目

应计费用包括以下内容：


	2026 年 9 月 30 日		2026 年 6 月 30 日
薪酬成本	$	89,007			$	93,176
所得税和间接税	58,197			57,417
广告成本 (1)	61,787			33,706
第三方制造和数字内容成本	23,820			23,600
可变薪酬激励	10,674			15,858
运费	19,643			12,291
应付利息	3,261			12,099
销售退回	6,203			5,542
专业费用	4,715			5,026

重组费用	3,287			1,326
其他	70,434			64,703
总应计费用	$	351,028			$	324,744

________________________

(1) 广告成本的增加部分是由于我们财年的第一季度支出增加，以及发票时间的影响。

其他流动负债包括以下内容：


	2026 年 9 月 30 日		2026 年 6 月 30 日
短期衍生品负债	$	13,366			$	15,113

融资租赁义务的当期部分	13,120			12,331

其他	2,845			2,243
其他流动负债总计	$	29,331			$	29,687

其他负债包括以下内容：


	2026 年 9 月 30 日		2026 年 6 月 30 日
长期衍生品负债	$	22,453			$	24,700
长期融资租赁义务	42,883			36,879
长期薪酬激励	5,523			9,233
长期养老金负债	9,060			8,616
递延收购付款	7,871			7,881

其他	13,863			13,492
其他负债总计	$	101,653			$	100,801

9. 债务


	2026 年 9 月 30 日		2026 年 6 月 30 日
7.375% 高级票据，2032 年到期	$	525,000			$	525,000

高级担保信贷额度	1,129,500			1,097,250
其他	13,131			14,154
债务发行成本和折扣，扣除债务溢价	(23,461)			(24,423)
净未偿债务	1,644,170			1,611,981
减：短期债务 (1)(2)	49,487			14,620
长期债务	$	1,594,683			$	1,597,361

_____________________

(1) 2026 年 9 月 30 日和 2026 年 6 月 30 日的余额包括短期债务发行成本、债务溢价和折扣，金额均为 3,852 美元。

(2) 短期债务的增加是由于本季度我们在高级担保循环信贷额度下借款了35,000美元。这些借款用于资助我们对Saxoprint业务的收购。更多详情请参见第6号注释。

我们下面描述的各种债务安排包含常规的陈述、保证和违约事件。截至2026年9月30日，我们遵守了所有债务合同中的所有约定，包括2026年6月4日修订并重述的高级担保信贷协议（“修订信贷协议”）以及管理我们2032年到期的7.375%高级无担保债券（“2032年债券”）的债券契约。

高级担保信贷额度

截至2026年9月30日，我们的修订信贷协议包括以下内容：

•一笔1,094,500美元的B级定期贷款，按Term SOFR（Term SOFR利率下限为0%）加上2.50%计息，该贷款在贷款期内分期偿还，到期日为2033年6月4日（如果根据修订信贷协议的规定，2032年债券未被偿还、再融资或展期，则到期日提前至2032年6月16日），以及

•一项250,000美元的高级担保循环信贷额度，到期日为2031年6月4日（“循环信贷额度”），目前借款余额为35,000美元。

◦循环信贷额度下的借款按Term SOFR（Term SOFR利率下限为0%）加上2.25%至3.00%计息，具体取决于公司的第一优先级杠杆比率，该比率是根据修订信贷协议中定义的净杠杆计算得出的。

修订信贷协议包含限制或限制Cimpress及其子公司某些活动和交易的约定，包括但不限于额外债务和抵押权的产生；某些基本组织变更；资产出售；某些内部公司活动；以及某些投资和限制性支付，包括购买Cimpress plc的普通股和支付股息。此外，如果在任何财季的最后一个工作日，循环贷款、快速贷款和未偿付的信用证支出的未偿本金总额超过循环承诺总额的20%，那么我们将受到财务维护约定的约束，要求在该财季最后一个工作日计算的合并杠杆比率不得超过4.50比1.00。

截至2026年9月30日，修订信贷协议下未偿还借款的加权平均利率为5.89%，包括利率互换率。我们还根据第一优先级杠杆比率，对循环信贷额度未使用的余额支付0.25%至0.40%的承诺费。我们已将多家子公司的资产和/或股本作为抵押品，根据修订信贷协议进行质押。

高级债券

我们发行了525,000美元的2032年债券，这些债券是无担保的。我们可根据管理2032年债券的债券契约中规定的赎回价格赎回部分或全部2032年债券，加上截至但不包括赎回日的应付未付利息。截至2026年9月30日，我们尚未赎回任何2032年债券。

其他债务

其他债务主要由通过收购获得的定期贷款或用于资助某些资本支出的贷款组成。截至2026年9月30日和2026年6月30日，这些应于2037年9月前偿付的债务余额分别为13,131和14,154。

10. 所得税

我们截至2026年9月30日和2025年9月30日的三个月内，所得税费用分别为6,623和17,838。与上一比较期间相比，所得税费用减少主要是由于税前收入减少以及两个期间内各种不重要的单独项目。 O我们有效税率继续受到某些地区亏损的负面影响，我们在这些地区无法在当期确认税务利益。这些没有税务利益的亏损在计算截至2026年9月30日和2025年9月30日的三个月内的所得税费用时已予以排除，这符合GAAP规定。我们持续分析我们的减值准备金立场以及实际结果的客观和可验证证据与预期未来收入的更主观证据在预期可回收期间内的权重。预期未来收入或可回收期间的变化可能导致减值准备金的全部或部分释放。

截至2026年9月30日，我们未确认的税务利益为15,540，其中包括142的利息和罚款。我们将在所得税准备金中确认与未确认税务利益相关的利息和，如适用，罚款。如果予以确认，未确认的税务利益中的2,298将减少我们的税务费用。我们认为我们已为所有税务不确定性做出了适当准备。

我们在多个税务管辖区开展业务，因此需要在全球多个管辖区提交所得税申报表。2021年至2026年的财政年度在各个税务管辖区仍处于可审查状态。

jurisdictions in which we file. In addition, for certain tax attribute carryforwards originating in fiscal years 2014 through 2026, the statute of limitations will be dependent on the year in which the attributes are utilized. We believe that our income tax reserves are adequately maintained 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 there is a possibility that final resolution of these matters could have a material impact on our results of operations or cash flows.

11. Noncontrolling Interests

For some of our subsidiaries, we own a controlling equity stake, and a third party or key members of the business management team own a minority portion of the equity. These noncontrolling interests span multiple businesses and reportable segments.

The following table presents the reconciliation of changes in our noncontrolling interests:


	Redeemable Noncontrolling Interest		Noncontrolling Interest






Balance as of June 30, 2026	$	75,567			$	20,141




Accretion to redemption value recognized in retained earnings	1,059			—

Adjustment to purchase price recognized in additional paid-in capital	395			—

Purchase of noncontrolling interests (1)	(403)			—

Net income (loss) attributable to noncontrolling interests	1,804			(126)
Foreign currency translation	(61)			(173)
Balance as of September 30, 2026 (2)	$	78,361			$	19,842

_________________

(1) In the first quarter of fiscal year 2027, we purchased the remaining noncontrolling interest in one of our smaller businesses within the PrintBrothers reportable segment for $403.

(2) During the current quarter, a put option window opened for the minority interest holders in one of our smaller businesses. The holders have exercised that option, which will result in the purchase of their outstanding shares in the second quarter of the current fiscal year for $9,602.

12. Segment Information

Our operating segments are based upon the manner in which our operations are managed and the availability of separate financial information reported internally to the Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”), for purposes of making decisions about how to allocate resources and assess performance.

As of September 30, 2026, we have numerous operating segments under our management reporting structure which are reported in the following five reportable segments:

•VistaPrint - Consists of the operations of our VistaPrint branded websites in North America, Western Europe, Australia, New Zealand, India, and Singapore. This business also includes several smaller revenue and profit streams: our 99designs by Vista business, which provides graphic design services, VistaCreate for do-it-yourself (DIY) design, our Vista x Wix partnership for small business websites, and our VistaPrint Corporate Solutions business, which serves medium-sized businesses and large corporations.

•PrintBrothers - Includes the results of druck.at, Printdeal, Saxoprint, and WIRmachenDRUCK, a group of Upload & Print businesses that serve graphic professionals throughout Europe, primarily in Austria, Belgium, Germany, the Netherlands, and Switzerland.

•The Print Group - Includes the results of Easyflyer, Exaprint, Mixam, Pixartprinting, and Tradeprint, a group of Upload & Print businesses that serve graphic professionals throughout Europe, primarily in France, Italy, Spain, and the United Kingdom, and to a lesser extent in the United States.

•National Pen - Serves small businesses across geographies including North America, Europe, and Australia. The pens.com branded business sells through their ecommerce site and is supported by digital marketing methods as well as direct mail and telesales. National Pen focuses on customized writing instruments and promotional products, apparel, and gifts for small- and medium-sized businesses.

•All Other Businesses - Includes two businesses grouped together based on materiality, and includes teams working on the development of new channels.

◦BuildASign is an e-commerce provider of canvas-print wall décor, business signage, and other large-format printed products.

◦Printi is a smaller business that is an online printing leader in Brazil.

◦New channels includes our recently announced strategic partnership with Canva, who is one of the world's largest design platforms, as well as other new channels that we are developing.

Central and corporate costs consist primarily of the team of software engineers that is building our mass customization platform; shared service organizations such as global procurement; technology services such as hosting and security; administrative costs of our Cimpress India offices where numerous Cimpress businesses have dedicated business-specific team members; and corporate functions including our tax, treasury, internal audit, legal, sustainability, real estate, corporate communications, consolidated reporting and compliance, investor relations, and the functions of our CEO and CFO. These costs also include certain unallocated share-based compensation costs.

The expense value of our PSU awards is based on fair value and is required to be expensed on an accelerated basis. In order to ensure comparability in measuring our businesses' results, we allocate the straight-line portion of the fixed grant value to our businesses. Any expense in excess of this amount as a result of the fair value measurement of the PSUs and the accelerated expense profile of the awards is recognized within central and corporate costs.

Our definition of segment EBITDA is GAAP operating income excluding certain items, such as depreciation and amortization, expense recognized for contingent earn-out related charges including the changes in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment, share-based compensation related to investment consideration, certain impairment expense, and restructuring charges. We include insurance proceeds that are not recognized within operating income. We do not allocate non-operating income, including realized gains and losses on currency hedges, to our segment results.

Our balance sheet information is not presented to the CODM on an allocated basis, and therefore we do not present asset information by segment. We do present other segment information to the CODM, which includes purchases of property, plant and equipment and capitalization of software and website development costs, and therefore include that information in the tables below.

Revenue by segment is based on the business-specific websites or sales channel through which the customer’s order was transacted. The following tables set forth revenue by reportable segment, as well as disaggregation of revenue by major geographic region and reportable segment.


	Three Months Ended September 30,
	2026		2025
Revenue:
VistaPrint	$	464,412			$	454,909
PrintBrothers	235,919			184,711
The Print Group	109,274			96,710
National Pen	104,365			103,209
All Other Businesses	72,492			61,742
Total segment revenue	986,462			901,281
Inter-segment eliminations (1)	(52,410)			(38,004)
Total consolidated revenue	$	934,052			$	863,277

_____________________

(1) Refer to the \"Revenue by Geographic Region\" tables below for detail of the inter-segment revenue within each respective segment.


	Three Months Ended September 30, 2026
	VistaPrint		PrintBrothers		The Print Group		National Pen	All Other		Total
Revenue by Geographic Region:
North America	$	320,942			$	—		$	8,367		$	53,200		$	46,998	$	429,507
Europe	110,510			232,417			85,514		35,976		1,455		465,872
Other	27,823			—			476		1,717		8,657		38,673
Inter-segment	5,137			3,502			14,917		13,472		15,382		52,410
Total segment revenue	464,412			235,919			109,274		104,365		72,492		986,462
Less: inter-segment elimination	(5,137)			(3,502)			(14,917)		(13,472)		(15,382)		(52,410)
Total external revenue	$	459,275			$	232,417		$	94,357		$	90,893		$	57,110	$	934,052


	Three Months Ended September 30, 2025
	VistaPrint		PrintBrothers		The Print Group		National Pen	All Other		Total
Revenue by Geographic Region:
North America	$	317,720			$	—		$	618		$	53,431		$	41,942	$	413,711
Europe	109,482			181,449			85,543		36,951		186		413,611
Other	26,255			—			—		1,653		8,047		35,955
Inter-segment	1,452			3,262			10,549		11,174		11,567		38,004
Total segment revenue	454,909			184,711			96,710		103,209		61,742		901,281
Less: inter-segment elimination	(1,452)			(3,262)			(10,549)		(11,174)		(11,567)		(38,004)
Total external revenue	$	453,457			$	181,449		$	86,161		$	92,035		$	50,175	$	863,277

The following tables include segment revenue and significant segment expenses by reportable segment, as well as our reported measure of segment profit or loss, EBITDA, by reportable segment for the three months ended September 30, 2026 and 2025. Total segment EBITDA shown in the tables below is prior to inter-segment eliminations. Refer to the subsequent table for a reconciliation of total segment EBITDA to income from operations and income before income taxes.


	Three Months Ended September 30, 2026
	VistaPrint		PrintBrothers		The Print Group		National Pen	All Other

Total segment revenue	$	464,412			$	235,919		$	109,274	$	104,365	$	72,492
Less: Cost of revenue	219,204			170,906			72,758		49,858	44,198
Segment gross profit	245,208			65,013			36,516		54,507	28,294
Less: Advertising expenses	74,475			7,293			5,948		23,586	11,104
Less: Other operating expenses (1)	107,214			42,466			19,841		29,163	15,702
Add: Depreciation and amortization	15,381			8,350			7,893		3,368	3,830
Add: Other segment items (2)	1,758			713			(546)		246	109
Segment EBITDA (3)	$	80,658			$	24,317		$	18,074	$	5,372	$	5,427


	Three Months Ended September 30, 2025
	VistaPrint		PrintBrothers		The Print Group		National Pen	All Other

Total segment revenue	$	454,909			$	184,711		$	96,710	$	103,209	$	61,742
Less: Cost of revenue	201,921			132,136			61,031		53,362	34,185
Segment gross profit	252,988			52,575			35,679		49,847	27,557
Less: Advertising expenses	66,504			6,009			6,100		26,596	10,574
Less: Other operating expenses (1)	111,171			25,322			16,110		28,727	12,314
Add: Depreciation and amortization	14,297			3,571			5,541		3,026	4,398
Add: Other segment items (2)	376			924			(339)		58	13
Segment EBITDA (3)	$	89,986			$	25,739		$	18,671	$	(2,392)	$	9,080

__________________

(1) For each reportable segment, other operating expenses consists primarily of marketing and selling expense (excluding advertising expenses), technology and development expense and general and administrative expense.

(2) Other segment items primarily includes certain items excluded from our definition of segment EBITDA, which includes expense recognized for contingent earn-out related charges including the changes in fair value of contingent consideration and compensation expense related to cash-based earn-out mechanisms dependent upon continued employment, share-based compensation related to investment consideration, certain impairment expense, and restructuring charges.

(3) For the three months ended September 30, 2026 and 2025, total segment EBITDA was $133,848 and $141,084, respectively. In addition to the adjustments described above as part of other segment items, total segment EBITDA excludes the impact of central and corporate costs which is not considered a reportable segment, as well as the elimination of inter-segment transactions which are included in the reconciliation to income before income taxes as outlined below.

The following table includes a reconciliation of total segment EBITDA to income from operations and income before income taxes:


	Three Months Ended September 30,
	2026		2025
Total Segment EBITDA	$	133,848			$	141,084
Central and corporate costs	(37,587)			(38,635)
Elimination (1)	(21,505)			(15,835)
Depreciation and amortization (2)	(44,280)			(36,618)
Proceeds from insurance	(210)			—
Certain impairment and other adjustments	(252)			(727)
Restructuring-related charges	(3,994)			(298)
Total income from operations	26,020			48,971
Other income, net	5,949			3,453
Interest Expense, net	(26,337)			(28,066)

Income before income taxes	$	5,632			$	24,358

__________________

(1) Includes the elimination of inter-segment profit that relates to cross-Cimpress transactions, in which the merchant business is cross charged the variable cost of fulfillment and the fulfiller business receives a markup on the cost to fulfill the related orders. These inter-segment profits are eliminated at a consolidated level.

(2) For the three months ended September 30, 2026 and 2025, depreciation and amortization includes costs within our central and corporate costs of $5,458 and $5,785, respectively.


	Three Months Ended September 30,
	2026		2025
Purchases of property, plant and equipment:
VistaPrint	$	12,909			$	10,616
PrintBrothers	4,435			2,404
The Print Group	2,920			9,090
National Pen	1,082			2,471
All Other Businesses	1,166			1,564
Central and corporate costs	291			208
Total purchases of property, plant and equipment	$	22,803			$	26,353


	Three Months Ended September 30,
	2026		2025
Capitalization of software and website development costs:
VistaPrint	$	6,916			$	6,563
PrintBrothers	827			1,294
The Print Group	1,481			1,245
National Pen	772			1,035
All Other Businesses	1,127			1,312
Central and corporate costs	5,306			5,837
Total capitalization of software and website development costs	$	16,429			$	17,286

The following table sets forth long-lived assets by geographic area:


	September 30, 2026		June 30, 2026
Long-lived assets (1):
United States	$	72,537			$	69,223
Netherlands	84,043			81,964
Switzerland	74,328			76,154
Mexico	67,895			65,474
Germany (2)	88,833			60,353
Canada	53,779			55,544
Austria	43,265			43,734
Italy	43,205			41,825
Tunisia	34,715			37,039
France	31,084			32,520
Australia	27,033			27,429
Other	79,038			70,715
Total	$	699,755			$	661,974

___________________

(1) Excludes goodwill of $882,633 and $850,778, intangible assets, net of $87,944 and $70,580, and deferred tax assets of $52,356 and $50,930 as of September 30, 2026 and June 30, 2026, respectively.

(2) The increase in long-lived assets located in Germany was largely due to the Saxoprint acquisition. Refer to Note 6 for additional details.

13. Commitments and Contingencies

Supply Chain Finance Program

We facilitate a voluntary supply chain finance program through a financial intermediary, which provides certain suppliers the option to be paid by the financial intermediary earlier than the due date of the applicable invoice. The decision to sell receivables due from us is at the sole discretion of both the suppliers and the financial institution. Our responsibility is limited to making payment on the terms originally negotiated with each supplier, regardless of whether a supplier participates in the program. We are not a party to the agreements between the participating financial institution and the suppliers in connection with the program, we do not receive financial incentives from the suppliers or the financial institution, nor do we reimburse suppliers for any costs they incur for participating in the program. There are no assets pledged as security or other forms of guarantees provided for the committed payment to the financial institution.

All unpaid obligations to our supply chain finance provider are included in accounts payable in the consolidated balance sheets, and payments we make under the program are reflected as a reduction to net cash provided by operating activities in the consolidated statements of cash flows. The outstanding obligations with our supply chain finance provider that are included in accounts payable in our consolidated balance sheets as of September 30, 2026 and June 30, 2026 were $58,781 and $65,266, respectively.

Purchase Obligations

At September 30, 2026, we had unrecorded commitments under contract of $310,257, including third-party cloud services of $192,636; inventory, third-party fulfillment and digital service purchase commitments of $70,124; software of $30,830; professional and consulting fees of $11,418; production and computer equipment purchases of $1,690; advertising of $1,118; and other unrecorded purchase commitments of $2,441.

Legal Proceedings

We are not currently party to any legal proceedings we believe to be material. Although we cannot predict with certainty the results of litigation and claims to which we may be subject from time to time, we do not expect the resolution of any of our current matters to have a material adverse impact on our consolidated results of operations, cash flows or financial position. For all legal matters, at each reporting period, we evaluate whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the

authoritative guidance that addresses accounting for contingencies. We expense the costs relating to our legal proceedings as those costs are incurred.

14. Restructuring Charges

Restructuring costs include one-time employee termination benefits, write-off of assets, costs to exit loss-making operations, acceleration of share-based compensation, and other related costs including third-party professional and outplacement services. All restructuring costs are excluded from segment and adjusted EBITDA. During the three months ended September 30, 2026 and 2025, we recognized restructuring charges of $3,994 and $298, respectively.

For the three months ended September 30, 2026, restructuring charges included cost reduction actions within our Central and corporate costs of $2,186, and within our VistaPrint and PrintBrothers reportable segments of $1,005 and $558, respectively. All other restructuring charges for each period presented were not material. We expect to recognize additional charges associated with these actions during the current fiscal year as we continue to execute against cost efficiency opportunities.

The following table summarizes the restructuring activity during the three months ended September 30, 2026.


	Severance and Related Benefits		Other Restructuring Costs		Accrued Restructuring Liability





Balance as of June 30, 2026	$	1,326			$	—		$	1,326
Restructuring charges	3,984			10			3,994
Cash payments	(1,853)			—			(1,853)
Non-cash charges	(156)			(10)			(166)
Foreign currency translation	(14)			—			(14)
Balance as of September 30, 2026	$	3,287			$	—		$	3,287

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Report contains forward-looking statements that involve risks and uncertainties. The statements contained in this Report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including but not limited to our statements about the anticipated growth and development of our businesses and financial results, the impact of interest rate and currency fluctuations, the impact of U.S. tariffs (including potential changes in related trade policies and potential mitigation actions and related estimates, cost impacts, pricing changes and changes in customer demand), sources of liquidity to fund future operations, future payment terms with suppliers, the timing of adoption of certain accounting standards, legal proceedings, our ability to prevail in our appeal of an adverse land duty tax assessment, indefinitely reinvested earnings, unrecognized tax benefits, our effective tax rate, and sufficiency of our tax reserves. Without limiting the foregoing, the words “may,” “should,” “could,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” \"assume,\" “designed,” “potential,” \"possible,\" “continue,” “target,” “seek,” \"likely,\" \"will\" and similar expressions are intended to identify forward-looking statements. All forward-looking statements included in this Report are based on information available to us up to, and including the date of this document, and we disclaim any obligation to update any such forward-looking statements. Our actual results could differ materially from those anticipated in 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, severity, and duration of supply chain constraints and fluctuating inflation; our inability to make investments in our business 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 businesses we acquire or invest in to perform as expected; the failure to realize anticipated synergies between our existing businesses and recently acquired businesses; loss of key personnel or our inability to recruit talented personnel; our failure to develop and deploy our mass customization platform or the failure of the mass customization platform 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, the Middle East or elsewhere; changes in governmental policies, laws and regulations, or in the enforcement or interpretation of governmental policies, laws and regulations, that affect our businesses, including related to import tariffs; our failure to manage the growth and complexity of our business; our failure to maintain compliance with the covenants in our debt documents or to pay our debts when due; competitive pressures; general economic conditions; and other factors described in Item 1A (Risk Factors) of our Annual Report on Form 10-K for the fiscal year ended June 30, 2026, as updated, if applicable, by this Report on Form 10-Q and the documents that we periodically file with the SEC.

Executive Overview

Cimpress helps millions of businesses build brands, stand out, and grow via customized physical marketing products and branded merchandise. Cimpress is the global leader in web-to-print mass customization, delivering high-quality, affordable custom products quickly and conveniently, even in low quantities. Our products and services include a broad range of marketing materials, business cards, signage, promotional products, logo apparel, packaging, books and magazines, wall decor, photo merchandise, invitations and announcements, design and digital marketing services, and other categories. Mass customization is a core element of the business model of each Cimpress business and is a competitive strategy that seeks to produce goods and services to meet individual customer needs with near mass production efficiency.

As of September 30, 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. Our All Other Businesses includes the results from the launch of our new strategic partnership with Canva, who is one of the world's largest design platforms. Refer to Note 12 in our accompanying consolidated financial statements for additional information relating to our reportable segments and our segment financial measures.

Financial Summary

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 months ended September 30, 2026 as compared to the three months ended September 30, 2025 follows:

•Revenue increased by 8% to $934.1 million.

•Organic constant-currency revenue growth (a non-GAAP financial measure) was 2%.

•Operating income decreased by $23.0 million to $26.0 million.

•Net (loss) income decreased by $7.5 million to a loss of $1.0 million.

•Adjusted EBITDA (a non-GAAP financial measure) decreased by $8.9 million to $89.8 million.

•Diluted net (loss) income per share attributable to Cimpress plc decreased by $0.41 to a loss of $0.11.

•Cash provided by operating activities increased by $3.9 million to $28.9 million.

•Adjusted free cash flow (a non-GAAP financial measure) increased by $8.5 million to an outflow of $9.3 million.

For the three months ended September 30, 2026, the increase in reported revenue was driven by revenue contributions from our recently acquired businesses and external organic constant-currency growth across most of our reportable segments. Across our businesses, we continue to see stronger growth across our assortment of elevated products, while volume pressure continues to exist in certain legacy product categories alongside continued declines in select sales channels, including resellers in certain European markets.

Operating income decreased by $23.0 million to $26.0 million for the three months ended September 30, 2026. The decrease was driven in part by items that negatively impacted gross profit, including $5.9 million of planned higher net start-up costs for our North American manufacturing network, $5.8 million in increased depreciation and amortization, primarily tied to recent manufacturing equipment investments, $4.2 million from the net impact of duties and new Section 338 and 301 tariffs on certain goods sold to U.S. customers, and $1.8 million in higher energy-related input costs, net of pricing increases. These costs were partially offset by a $7.5 million benefit from tariff refunds related to previously incurred costs. Operating income was also impacted by $3.7 million of increased restructuring charges related to cost reductions that will benefit future periods, $1.4 million from the non-recurrence of a compensation benefit in the year-ago period, and $0.7 million of increased amortization related to recent acquisitions.

Net (loss) income decreased $7.5 million during the three months ended September 30, 2026, as compared to the prior year. The net (loss) income decrease was driven by the operating income decline described above, partially offset by higher unrealized hedging gains and lower income tax expenses.

Adjusted EBITDA decreased by $8.9 million during the three months ended September 30, 2026, for similar reasons as the decrease in operating income as described above, with the exception of depreciation and amortization expense and restructuring charges that are excluded from adjusted EBITDA. Partially offsetting the decrease is year-over-year currency benefits of $1.7 million. Tuck-in acquisitions within the PrintBrothers and The Print Group reportable segments contributed $3.3 million to adjusted EBITDA, net of transaction-related costs, for the three months ended September 30, 2026.

During the three months ended September 30, 2026, cash from operations increased $3.9 million year over year, driven by a decrease of cash interest and tax payments of $1.4 million and $1.1 million, respectively, as well as favorable changes year-over-year in net working capital that is driven mostly by timing items. These items were partially offset by the operating income decrease described above.

Adjusted free cash flow increased by $8.5 million for the three months ended September 30, 2026, primarily driven by the increase in cash flow from operations as described above and a $3.6 million decrease in capital expenditures mainly driven by the timing of cash payments, and a $0.9 million decrease in capitalized software and website development costs.

Refer to the \"Additional Non-GAAP Financial Measures\" section of Management's Discussion and Analysis for the reconciliation of our non-GAAP financial measures.

U.S. Tariffs

The U.S. tariff environment remains volatile. The most recent developments include the U.S. government's implementation of broad-based Section 301 tariffs of 10% to 12.5% that replaced the 10% global rate that expired. Also, a 50% tariff on certain Canadian goods under Section 338 took effect on August 22, 2026. The Section 338

tariffs affect a small portion of products fulfilled in Canada for U.S. customers, and we are actively operationalizing supply chain and fulfillment adjustments to mitigate a substantial portion of any prospective cost impact.

During the first quarter of fiscal year 2027, we continued filing refund requests for IEEPA-based tariffs and recognized a benefit within cost of revenue in the amount of $7.5 million, which included all submitted and accepted Phase 2 IEEPA tariff refunds. We have not recognized any benefit for Phase 3 refund claims, since the acceptance and timing of the recovery of those claims remained uncertain as of September 30, 2026.

Consolidated Results of Operations

Consolidated Revenue

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.

Total revenue and revenue growth by reportable segment for the three months ended September 30, 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.


In thousands	Three Months Ended September 30,				Currency Impact:		Constant- Currency	Impact of Acquisitions/Divestitures:	Constant- Currency Revenue Growth
	2026		2025		% Change		(Favorable)/Unfavorable	Revenue Growth (1)	(Favorable)/Unfavorable	Excluding Acquisitions/Divestitures (2)
VistaPrint	$	464,412			$	454,909		2%	—%	2%	—%	2%
PrintBrothers	235,919			184,711			28%	2%	30%	(25)%	5%
The Print Group	109,274			96,710			13%	2%	15%	(13)%	2%
National Pen	104,365			103,209			1%	1%	2%	—%	2%
All Other Businesses	72,492			61,742			17%	—%	17%	—%	17%
Inter-segment eliminations	(52,410)			(38,004)
Total revenue	$	934,052			$	863,277		8%	1%	9%	(7)%	2%

_______________

(1) Constant-currency revenue growth, a non-GAAP financial measure, represents the change in total revenue between current and prior-year periods at constant-currency exchange rates by translating all non-U.S. dollar denominated revenue generated in the current period using the prior-year period’s average exchange rate for each currency to the U.S. dollar. Our reportable segments-related growth is inclusive of inter-segment revenues, which are eliminated in our consolidated results.

(2) Constant-currency revenue growth excluding acquisitions/divestitures, a non-GAAP financial measure, excludes revenue results for businesses in the period in which there is no comparable year-over-year revenue. Our reportable segments-related growth is inclusive of inter-segment revenues, which are eliminated in our consolidated results.

We have provided these non-GAAP financial measures because we believe they provide meaningful information regarding our results on a consistent and comparable basis for the periods presented. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, to evaluate our operating results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP.

For the three months ended September 30, 2026, the reported revenue growth of $70.8 million was primarily driven by $57.3 million from the addition of revenue from recently acquired businesses as compared to the prior fiscal year. Excluding the effect of changes in currency exchange rates, acquisitions, and inter-segment revenue, the largest increase in revenue was from our PrintBrothers business with an increase of $9.0 million for the three months ended September 30, 2026, partly driven by order volume growth. Additionally, our All Other Businesses reportable segment contributed $6.5 million of increased revenue for the three months ended September 30, 2026, partly driven by growth from our new strategic partnership with Canva, while our VistaPrint reportable segment contributed $6.2 million of increased revenue driven by growth in our elevated products. These items were offset in part by negative impacts from currency exchange rate fluctuations of $4.7 million.

For additional discussion relating to segment revenue results, refer to the \"Reportable Segment Results\" section included below.

Consolidated Cost of Revenue

Cost of revenue includes materials used by our businesses to manufacture their products, payroll and related expenses for production and design services personnel, depreciation of assets used in the production process and in support of digital marketing service offerings, shipping, handling and processing costs, third-party production and design costs, costs of free products, and other related costs of products our businesses sell.


In thousands	Three Months Ended September 30,
		2026		2025
Cost of revenue		$	525,891			$	460,476
% of revenue		56.3	%		53.3	%

For the three months ended September 30, 2026, year-over-year cost of revenue increased by $65.4 million and included $3.0 million benefit from currency exchange rate fluctuations. The increase is mostly driven by the addition of cost of revenue from our recently acquired businesses of $45.9 million. In addition, the increase in cost of revenue includes $5.9 million in increased net start-up costs for our North American manufacturing network, $5.8 million in increased depreciation and amortization, primarily tied to recent manufacturing equipment investments, and $1.8 million in higher net energy-related input costs. Cost of revenue was also impacted by $4.2 million of additional tariff costs on certain goods sold to U.S. customers, offset in part by a $7.5 million benefit from IEEPA tariff refunds related to costs previously incurred.

Consolidated Operating Expenses

The following table summarizes our comparative operating expenses for the following periods:


In thousands	Three Months Ended September 30,
		2026		2025
Technology and development expense		$	86,153			$	84,886
% of revenue		9.2	%		9.8	%
Marketing and selling expense		$	223,865			$	210,398
% of revenue		24.0	%		24.4	%
General and administrative expense		$	63,193			$	53,996
% of revenue		6.8	%		6.3	%
Amortization of acquired intangible assets		$	4,936			$	4,252
% of revenue		0.5	%		0.5	%
Restructuring expense (1)		$	3,994			$	298
% of revenue		0.4	%		0.0	%

(1) Refer to Note 14 in the accompanying consolidated financial statements for additional details.

Technology and development expense

Technology and development expense primarily consists of payroll and related expenses for employees engaged in software and manufacturing engineering, information technology operations, and content development, as well as amortization of capitalized software and website development costs, including hosting of our websites, asset depreciation, patent amortization, and other technology infrastructure-related costs. Depreciation expense for information technology equipment that directly supports the delivery of our digital marketing services products is included in cost of revenue.

For the three months ended September 30, 2026, year-over-year technology and development expense increased by $1.3 million primarily driven by higher year-over-year cash compensation costs of $1.7 million due in part by the addition of cash compensation costs from our recently acquired businesses. This increase was partially offset by a decrease of third-party technology costs of $1.0 million driven by efficiency gains from standardizing parts of our technology infrastructure and reducing our reliance on certain third-party tools.

Marketing and selling expense

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.

For the three months ended September 30, 2026, year-over-year marketing and selling expenses increased by $13.5 million partly due to the addition of $5.9 million of costs from our recently acquired businesses. In addition, the increase was driven by higher year-over-year advertising spend of $5.5 million including testing into evolving marketing channels. Despite those increases, advertising expense as a percentage of revenue declined year over year. Other cost increases included higher cash compensation costs of $1.7 million.

General and administrative expense

General and administrative expense primarily consists of transaction costs, including third-party professional fees, insurance, and payroll and related expenses of employees involved in executive management, finance, legal, strategy, human resources, and procurement.

For the three months ended September 30, 2026, year-over-year general and administrative expenses increased by $9.2 million primarily due to the addition of $5.7 million of costs from our recently acquired businesses. The increase was also driven by an increase in long-term incentive cash compensation costs of $2.7 million due to changes in the estimated payout for certain businesses, and increased share-based compensation costs of $1.2 million. These increases were partially offset by a benefit from the non-recurrence of a $1.9 million sales tax reserve recognized in the first quarter of fiscal year 2026.

Other Consolidated Results

Other income, net

Other income, net generally consists of gains and losses from currency exchange rate fluctuations on transactions or balances denominated in currencies other than the functional currency of our subsidiaries, as well as the realized and unrealized gains and losses on some of our derivative instruments. In evaluating our currency hedging programs and ability to qualify for hedge accounting in light of our legal entity cash flows, we consider the benefits of hedge accounting relative to the additional economic cost of trade execution and administrative burden. Based on this analysis, we execute certain currency derivative contracts that do not qualify for hedge accounting.

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


In thousands	Three Months Ended September 30,
		2026		2025
Gains on derivatives not designated as hedging instruments		$	6,554			$	3,451
Currency-related losses, net		(2,817)			(181)
Other gains		2,212			183
Total other income, net		$	5,949			$	3,453

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. For three months ended September 30, 2026, increases in gains on derivatives not designated as hedging instruments included $1.8 million of lower realized losses recognized during the current fiscal quarter. We expect volatility to continue in future periods, as we do not apply hedge accounting for most of our derivative currency contracts.

We experience currency-related net gains and losses due to currency exchange rate volatility on our non-functional currency intercompany relationships, which we may alter from time to time.

Interest expense, net

Interest expense, net primarily consists of interest on outstanding debt balances, amortization of debt issuance costs, debt discounts, interest related to finance lease obligations, accretion adjustments related to our

mandatorily redeemable noncontrolling interests, and realized gains (losses) on effective interest rate swap contracts and certain cross-currency swap contracts.

For the three months ended September 30, 2026, the year-over-year interest expense, net decreased $1.7 million primarily due to a lower weighted-average interest rate (net of interest rate swaps) on our senior secured term loan, partly from year over year reductions in our benchmark rate, term SOFR.

Income tax expense


In thousands	Three Months Ended September 30,
		2026		2025
Income tax expense		$	6,623			$	17,838
Effective tax rate		117.6	%		73.2	%

For the three months ended September 30, 2026, income tax expense decreased compared to the prior year period primarily due to decreased income before income taxes and various immaterial discrete items in both periods.

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 10 in our accompanying consolidated financial statements for additional details.

Reportable Segment Results

Our segment financial performance is measured based on segment EBITDA, which is defined as operating income plus depreciation and amortization; plus proceeds from insurance not already included in operating income; plus share-based compensation expense related to investment consideration; plus earn-out related charges; plus certain impairments and other adjustments; plus restructuring-related charges; less gain or loss on the purchase or sale of subsidiaries as well as the disposal of assets. The effects of currency exchange rate fluctuations impact segment EBITDA and we do not allocate to segment EBITDA any gains or losses that are realized by our currency hedging program.

VistaPrint


In thousands	Three Months Ended September 30,
		2026		2025				2026 vs. 2025
Reported Revenue		$	464,412			$	454,909			2%
Segment EBITDA		80,658			89,986				(10)%
% of revenue		17	%		20	%

Segment Revenue

VistaPrint's reported and constant-currency revenue growth for the three months ended September 30, 2026 was 2%. For the three months ended September 30, 2026, VistaPrint growth was strongest in elevated products, including promotional products, apparel and gifts, marketing materials and packaging. Partially offsetting these areas of growth was an increase in backlog at the end of the quarter that was influenced by a U.S. customs software disruption and a 2% decline in certain legacy products that include business cards and stationery. Additionally, we amended the terms of our Wix partnership, requiring a change of the revenue recognition from a gross to net basis, which weighed on VistaPrint's revenue growth by 50 basis points, but has no impact on profit.

Segment Profitability

VistaPrint segment EBITDA decreased by $9.3 million for the three months ended September 30, 2026, driven primarily by a gross profit decline, which included $5.1 million of increased planned investment in our North American manufacturing operations, $3.0 million of higher Canadian duty and tariff costs, and $0.7 million in energy-related cost increases, net of pricing changes. Additionally, performance advertising spend increased by $8.0 million which was driven in part by testing into evolving marketing channels. These decreases were partially

offset by $4.2 million in lower operating expenses due in part to cost reduction actions taken over the past year. Foreign currency fluctuations negatively impacted segment EBITDA by $0.5 million year over year.

PrintBrothers


In thousands	Three Months Ended September 30,
		2026		2025				2026 vs. 2025
Reported Revenue		$	235,919			$	184,711			28%
Segment EBITDA		24,317			25,739				(6)%
% of revenue		10	%		14	%

Segment Revenue

PrintBrothers' reported revenue growth for the three months ended September 30, 2026 was positively affected by tuck-in acquisitions by 25%, partially offset by negative currency exchange rate fluctuation of 2%, resulting in organic constant-currency revenue growth of 5%. Organic constant-currency revenue growth was driven primarily by order volume growth in our largest business within the segment.

Segment Profitability

PrintBrothers segment EBITDA decreased by $1.4 million for the three months ended September 30, 2026, driven by a $3.2 million increase in variable long-term incentive compensation expense due in part to an expense catch-up for a long-term incentive program based on a change in probability of achievement. Currency exchange rate fluctuations had a negative $0.4 million impact year over year. These items were partially offset by $2.7 million in EBITDA contributions from recent tuck-in acquisitions (net of transaction-related costs), and organic gross profit growth driven by the revenue growth described above.

The Print Group


In thousands	Three Months Ended September 30,
		2026		2025				2026 vs. 2025
Reported Revenue		$	109,274			$	96,710			13%
Segment EBITDA		18,074			18,671				(3)%
% of revenue		17	%		19	%

Segment Revenue

The Print Group's reported revenue growth for the three months ended September 30, 2026 was positively affected by a tuck-in acquisition by 13%, partially offset by negative currency exchange rate fluctuation of 2%, resulting in constant-currency revenue growth of 2%. Organic constant-currency revenue growth was driven by increased fulfillment for other Cimpress businesses as we continue to optimize our manufacturing plant network and ramp volumes at our newer North American facility. External revenue remained relatively flat year over year, as we continue to experience a shift to lower overall order values in certain product categories, as well as continued declines in sales to reseller customers, offset by continued growth in sales to end customers.

Segment Profitability

The Print Group segment EBITDA decreased by $0.6 million for the three months ended September 30, 2026, driven by an organic gross profit decline, which included $0.5 million of energy-related input and shipping cost increases. Currency exchange rate fluctuations had a negative $0.3 million impact year over year. These items were partially offset by a $0.6 million EBITDA contribution from a recent acquisition, and increased cross-Cimpress fulfillment.

National Pen


In thousands	Three Months Ended September 30,
		2026		2025				2026 vs. 2025
Reported Revenue		$	104,365			$	103,209			1%
Segment EBITDA		5,372			(2,392)				325%
% of revenue		5	%		(2)	%

Segment Revenue

National Pen's reported revenue growth for the three months ended September 30, 2026 was negatively impacted by currency exchange rate fluctuation of 1%, resulting in constant-currency revenue growth of 2%, driven by an increase in fulfillment for other Cimpress businesses. External revenue was relatively flat year over year, as growth within the e-commerce channel was offset by the decline associated with a planned reduction in marketing spend.

Segment Profitability

National Pen's segment EBITDA increased $7.8 million for the three months ended September 30, 2026, and benefited from $7.3 million of U.S. tariff refunds. Currency exchange rate fluctuations had a negative $0.3 million impact year over year. Segment EBITDA growth was supported by lower advertising spend of $3.0 million, partially offset by a residual gross profit decline of $2.6 million, excluding tariff refunds, driven by increased energy-related input costs and tariff costs.

All Other Businesses

This segment includes BuildASign, Printi, and new channels that we are developing, including our strategic partnership with Canva.


In thousands	Three Months Ended September 30,
		2026		2025				2026 vs. 2025
Reported Revenue		$	72,492			$	61,742			17%
Segment EBITDA		5,427			9,080				(40)%
% of revenue		7	%		15	%

Segment Revenue

All Other Businesses' reported and constant-currency revenue growth for the three months ended September 30, 2026 was 17%. 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. In addition, our new strategic partnership with Canva drove incremental revenue growth this quarter.

Segment Profitability

For the three months ended September 30, 2026, segment EBITDA decreased $3.7 million, largely driven by higher variable long-term incentive compensation expense of $1.4 million due to the non-recurrence of a benefit in the prior-year period, and $0.7 million of net increased start-up costs from the expansion of our North American production network. Segment EBITDA was also impacted by $0.9 million of additional tariff costs on certain goods sold to U.S. customers, partially offset by a $0.2 million benefit from IEEPA tariff refunds related to costs previously incurred. Partially offsetting the segment EBITDA decline was EBITDA contributions from our new strategic partnership with Canva.

Central and Corporate Costs

Central and corporate costs primarily consist of the team of software engineers that is building our mass customization platform; shared service organizations such as global procurement; technology services such as security; administrative costs of our Cimpress India offices where numerous Cimpress businesses have dedicated business-specific team members; and our corporate functions, including tax, treasury, internal audit, legal,

sustainability, real estate, corporate communications, consolidated reporting and compliance, investor relations, and the functions of our CEO and CFO. These costs also include certain unallocated share-based compensation costs.

During the three months ended September 30, 2026, year-over-year central and corporate costs decreased by $1.0 million, primarily due to a decrease in third-party technology costs of $2.3 million that was influenced by efficiency gains in our platform infrastructure, partially offset by higher unallocated share-based compensation expense of $0.8 million, driven by fluctuations in the attainment levels year over year associated with the performance conditions of our performance share units.

Liquidity and Capital Resources

Consolidated Statements of Cash Flows Data


In thousands	Three Months Ended September 30,
		2026		2025
Net cash provided by operating activities		$	28,929			$	25,059
Net cash used in investing activities		(169,119)			(42,818)
Net cash provided by (used in) financing activities		14,194			(14,656)

The cash flows during the three months ended September 30, 2026 related primarily to the following items:

Cash inflows:

•Adjustments for non-cash items of $53.6 million primarily related to adjustments for depreciation and amortization of $44.3 million, and share-based compensation costs of $16.1 million, offset in part by deferred taxes of $3.7 million and unrealized currency-related gains of $2.8 million.

•Net proceeds from borrowings of debt of $31.3 million, including borrowings on the revolving credit facility, offset by our term loan amortization payments. Refer to Note 9 in the accompanying consolidated financial statements for additional details.

•Proceeds from the sale of assets of $1.1 million, primarily related to the sale and replacement of smaller production equipment assets across several businesses.

•Proceeds from the settlement of derivatives designated as hedging instruments of $0.6 million.

•Proceeds from the exercise of options of $0.2 million.

Cash outflows:

•Business acquisitions, net of cash acquired of $131.6 million, which related to a tuck-in acquisition that is included in our PrintBrothers reportable segment. Refer to Note 6 in the accompanying consolidated financial statements for additional details.

•Net working capital outflows of $23.7 million, primarily due to increases in inventory levels in preparation for our peak season in the second quarter, as well as higher receivables driven by typical volume increases in September, offset in part by a net increase in current liabilities due to timing.

•Capital expenditures of $22.8 million, of which the majority is related to the purchase of manufacturing and automation equipment and expansion of our North American production network.

•Internal and external costs of $16.4 million for software and website development that we have capitalized.

•Payment of withholding taxes in connection with share awards of $13.8 million, primarily driven by the vesting of restricted and performance share units.

•Payments for finance lease arrangements of $3.1 million.

•Net loss of $1.0 million.

•Purchase of noncontrolling interests of $0.4 million. Refer to Note 11 in the accompanying consolidated financial statements for additional details.

Additional Liquidity and Capital Resources Information. At September 30, 2026, we had $120.1 million of cash and cash equivalents and $1,667.6 million of debt, excluding debt issuance costs and debt premiums and discounts. During the three months ended September 30, 2026, we financed our operations and strategic investments through internally generated cash flows from operations, cash on hand, and borrowings on our Revolving Credit Facility. We expect to finance our future operations through our cash, operating cash flow, and borrowings under our debt arrangements.

We have historically used excess cash and cash equivalents for organic investments, share repurchases, acquisitions and equity investments, and debt reduction. During the three months ended September 30, 2026, we did not purchase or retire any of our ordinary shares. We evaluate share repurchases, as any other use of capital, relative to our view of the impact on our intrinsic value per share compared against other opportunities.

Supply Chain Financing Program. As part of our ongoing efforts to manage our liquidity, we work with our suppliers to optimize our terms and conditions, which includes the extension of payment terms. We facilitate a voluntary supply chain finance program through a financial intermediary to allow our suppliers to receive funds earlier than our contractual payment date. We do not believe there is a substantial risk that our payment terms will be shortened in the near future. Refer to Note 13 of the accompanying consolidated financial statements for additional information.

Indefinitely Reinvested Earnings. As of September 30, 2026, a portion of our cash and cash equivalents were held by our subsidiaries. We do not intend to repatriate the funds held by certain subsidiaries as the cash and cash equivalent balances are generally used and available, without legal restrictions, to fund ordinary business operations and investments of the respective subsidiaries. If there is a change in the future, the repatriation of undistributed earnings from certain subsidiaries, in the form of dividends or otherwise, could have tax consequences that could result in material cash outflows.

Contractual Obligations

Contractual obligations at September 30, 2026 are as follows:


In thousands	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years	More than 5 years
Operating leases, net of subleases (1)	$	157,858			$	23,951		$	51,909	$	31,099	$	50,899
Purchase commitments	310,257			87,496			116,296		103,229	3,236
Senior secured credit facility and interest payments (2)	1,578,860			111,188			158,756		158,510	1,150,406
2032 Notes and interest payments	757,314			38,719			77,438		77,438	563,719
Other debt	13,131			7,311			1,587		1,062	3,171
Finance leases, net of subleases (1)	60,776			10,222			22,055		15,246	13,253

Total (3)	$	2,878,196			$	278,887		$	428,041	$	386,584	$	1,784,684

___________________

(1) Operating and finance lease payments above include only amounts which are fixed under lease agreements. Our leases may also incur variable expenses which are not reflected in the contractual obligations above.

(2) Interest payments are based on the interest rate as of September 30, 2026 and assume all Term SOFR-based revolving loan amounts outstanding will not be paid until maturity but that the term loan amortization payments will be made according to our defined schedule. Senior secured credit facility and interest payments include the effects of interest rate swaps, whether they are expected to be payments or receipts of cash.

(3) We may be required to make cash outlays related to our uncertain tax positions. However, due to the uncertainty of the timing of future cash flows associated with our uncertain tax positions, we are unable to make reasonably reliable estimates of the period of cash settlement, if any, with the respective taxing authorities. Accordingly, uncertain tax positions of $1.7 million as of September 30, 2026 have been excluded from the contractual obligations table above. See Note 10 in our accompanying consolidated financial statements for additional information on uncertain tax positions.

Operating Leases. We rent manufacturing facilities and office space under operating leases expiring on various dates through 2046. The terms of certain lease agreements require security deposits in the form of bank guarantees and letters of credit, with $4.5 million in the aggregate outstanding as of September 30, 2026.

Purchase Commitments. At September 30, 2026, we had unrecorded commitments under contract of $310.3 million. Purchase commitments consisted of third-party cloud services of $192.6 million; third-party fulfillment and digital services of $70.1 million; software of $30.8 million; professional and consulting fees of $11.4 million; production and computer equipment purchases of $1.7 million; advertising of $1.1 million; and other commitments of $2.4 million.

Senior Secured Credit Facility and Interest Payments. As of September 30, 2026, we had $35.0 million in outstanding borrowings under our $250.0 million senior secured revolving credit facility. After accounting for outstanding borrowings and letters of credit, available borrowing capacity under the credit facility was $197.7 million. Our unused balance can be drawn at any time so long as we are in compliance with our debt covenants, and if the aggregate principal amount of outstanding revolving loans, swingline loans and unreimbursed letter of credit disbursements made under the Revolving Credit Facility exceeds 20% of the aggregate revolving commitments as

of the last day of any fiscal quarter, then we are subject to a financial maintenance covenant requiring that the Consolidated Leverage Ratio calculated as of the last day of such quarter may not exceed 4.50 to 1.00. Any amounts drawn under the Revolving Credit Facility will be due on June 4, 2031. Interest payable included in the above table is based on the interest rate as of September 30, 2026 and assumes all Term SOFR-based revolving loan amounts outstanding will not be paid until maturity but that the term loan amortization payments will be made according to our defined schedule. As of September 30, 2026, we have borrowings under our Restated Credit Agreement of $1,129.5 million, consisting of the revolving credit facility of $35.0 million and the term loan of $1,094.5 million. The term loan amortizes over the loan period, with a scheduled maturity date of June 4, 2033.

2032 Senior Notes and Interest Payments. Our $525.0 million 2032 Notes bear interest at a rate of 7.375% per annum and mature on September 15, 2032. Interest on the 2032 Notes is payable semi-annually on March 15 and September 15 of each year. Refer to Note 9 in the accompanying consolidated financial statements for additional information.

Debt Covenants. The Restated Credit Agreement and the indenture that governs our 2032 Notes contain covenants that restrict or limit certain activities and transactions by Cimpress and our subsidiaries. As of September 30, 2026, we were in compliance with all covenants under our Restated Credit Agreement and the indenture governing our 2032 Notes. Refer to Note 9 in the accompanying consolidated financial statements for additional information.

Other Debt. In addition, we have other debt which consists primarily of term loans acquired through our various acquisitions or used to fund certain capital investments. As of September 30, 2026, we had $13.1 million outstanding for those obligations that have repayments due on various dates through September 2037.

Finance Leases. We lease certain facilities, machinery, and plant equipment under finance lease agreements that expire at various dates through 2037. The aggregate carrying value of the leased assets under finance leases included in property, plant and equipment, net in our consolidated balance sheet at September 30, 2026 is $49.3 million, net of accumulated depreciation of $28.7 million. The present value of lease installments not yet due included in other current liabilities and other liabilities in our consolidated balance sheet at September 30, 2026 amounts to $56.0 million.

Additional Non-GAAP Financial Measures

Constant-currency revenue growth and constant-currency revenue growth excluding acquisitions/divestitures (which we refer to above as organic constant-currency revenue growth), in each case as defined and presented in the consolidated results of operations section above (with reconciliations to GAAP revenue growth), as well as adjusted EBITDA and adjusted free cash flow presented below, are supplemental measures of our performance that are not required by, or presented in accordance with, GAAP. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Adjusted EBITDA is defined as net income plus income tax expense plus (gain) loss on early extinguishment of debt plus interest expense, net plus other expense (income), net plus depreciation and amortization plus share-based compensation expense plus earn-out related charges plus certain impairments plus restructuring-related charges less the gain or loss on purchase or sale of subsidiaries as well as the disposal of assets. In addition, adjusted EBITDA includes the impact of certain items that are recognized in other income, net which includes realized gains or losses on currency derivatives that are intended to hedge our adjusted EBITDA exposure to foreign currencies for which we do not apply hedge accounting, as well as proceeds from insurance recoveries.

Adjusted EBITDA is the primary profitability metric by which we measure our consolidated financial performance and is provided to enhance investors' understanding of our current operating results from the underlying and ongoing business for the same reasons it is used by management. For example, for acquisitions, we believe excluding the costs related to the purchase of a business (such as amortization of acquired intangible assets, contingent consideration, or impairment of goodwill) provides further insight into the performance of the underlying acquired business in addition to that provided by our GAAP net income.

Adjusted free cash flow is the primary financial metric by which we set quarterly and annual budgets both for individual businesses and Cimpress-wide. Adjusted free cash flow is defined as net cash provided by (used in) operating activities less purchases of property, plant and equipment, purchases of intangible assets not related to acquisitions, and capitalization of software and website development costs that are included in net cash used in investing activities; plus the proceeds from sale of assets, payment of contingent consideration in excess of acquisition-date fair value, and gains on proceeds from insurance that are not included in net cash provided by

operating activities, if any. We use this cash flow metric because we believe that this methodology can provide useful supplemental information to help investors better understand our ability to generate cash flow after considering certain investments required to maintain or grow our business, as well as eliminate the impact of certain cash flow items presented as operating cash flows that we do not believe reflect the cash flow generated by the underlying business.

Our adjusted free cash flow measure has limitations as it may omit certain components of the overall cash flow statement and does not represent the residual cash flow available for discretionary expenditures. For example, adjusted free cash flow does not incorporate our cash payments to reduce the principal portion of our debt or cash payments for business acquisitions. Additionally, the mix of property, plant and equipment purchases that we choose to finance may change over time. We believe it is important to view our adjusted free cash flow measure only as a complement to our entire consolidated statement of cash flows.

The table below sets forth net (loss) income and adjusted EBITDA for the three months ended September 30, 2026 and 2025:


In thousands	Three Months Ended September 30,
		2026		2025
Net (loss) income		$	(991)			$	6,520
Exclude expense (benefit) impact of:
Income tax expense		6,623			17,838

Interest expense, net		26,337			28,066
Other income, net		(5,949)			(3,453)
Depreciation and amortization		44,280			36,618


Share-based compensation expense (1)		15,911			14,793

Certain impairments and other adjustments		252			727
Restructuring-related charges		3,994			298


Include certain items that are a part of Other income, net:
Proceeds from insurance		210			—
Realized losses on currency derivatives (2)		(847)			(2,692)
Adjusted EBITDA		$	89,820			$	98,715

_________________

(1) Share-based compensation expense excludes the portion included in restructuring-related charges to avoid double counting.

(2) Realized losses include only the impacts of certain currency derivative contracts that are intended to hedge our adjusted EBITDA exposure to foreign currencies for which we do not apply hedge accounting. Refer to Note 4 in our accompanying consolidated financial statements for further information.

The table below sets forth net cash provided by operating activities and adjusted free cash flow for the three months ended September 30, 2026 and 2025:


In thousands	Three Months Ended September 30,
		2026		2025
Net cash provided by operating activities		$	28,929			$	25,059
Purchases of property, plant and equipment		(22,803)			(26,353)

Capitalization of software and website development costs		(16,429)			(17,286)
Proceeds from the sale of assets		1,053			821

Adjusted free cash flow		$	(9,250)			$	(17,759)

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk. Our exposure to interest rate risk relates primarily to our cash, cash equivalents, and debt.

As of September 30, 2026, our cash and cash equivalents consisted of standard depository accounts, which are held for working capital purposes, money market funds, and marketable securities with an original maturity of less than 90 days. We do not believe we have a material exposure to interest rate fluctuations related to our cash and cash equivalents.

As of September 30, 2026, we had $1,129.5 million of variable-rate debt. As a result, we have exposure to market risk for changes in interest rates related to these obligations. In order to mitigate our exposure to interest rate changes related to our variable-rate debt, we execute interest rate swap contracts to fix the interest rate on a portion of our outstanding or forecasted long-term debt with varying maturities. As of September 30, 2026, a hypothetical 100 basis point increase in rates, inclusive of the impact of our outstanding interest rate swaps that are accruing interest as of September 30, 2026, would result in a $7.4 million increase to interest expense over the next 12 months. This does not include any yield from cash and marketable securities.

Currency Exchange Rate Risk. We conduct business in multiple currencies through our worldwide operations but report our financial results in U.S. dollars. We manage these currency risks through normal operating activities and, when deemed appropriate, through the use of derivative financial instruments. We have policies governing the use of derivative instruments and do not enter into financial instruments for trading or speculative purposes. The use of derivatives is intended to reduce, but does not entirely eliminate, the impact of adverse currency exchange rate movements. A summary of our currency risk is as follows:

•Translation of our non-U.S. dollar revenues and expenses: Revenue and related expenses generated in currencies other than the U.S. dollar could result in higher or lower net (loss) income when, upon consolidation, those transactions are translated to U.S. dollars. When the value or timing of revenue and expenses in a given currency are materially different, we may be exposed to significant impacts on our net income and non-GAAP financial metrics, such as adjusted EBITDA.

Our currency hedging objectives are targeted at reducing volatility in our forecasted U.S. dollar-equivalent adjusted EBITDA in order to maintain stability on our incurrence-based debt covenants. Since adjusted EBITDA excludes non-cash items such as depreciation and amortization that are included in net (loss) income, we may experience increased, not decreased, volatility in our GAAP results due to our hedging approach. Our most significant net currency exposures by volume are in the Euro and GBP.

In addition, we elect to execute currency derivatives contracts that do not qualify for hedge accounting. As a result, we may experience volatility in our consolidated statements of operations due to (i) the impact of unrealized gains and losses reported in other income, net, on the mark-to-market of outstanding contracts and (ii) realized gains and losses recognized in other income, net, whereas the offsetting economic gains and losses are reported in the line item of the underlying activity, for example, revenue.

•Translation of our non-U.S. dollar assets and liabilities: Each of our subsidiaries translates its assets and liabilities to U.S. dollars at current rates of exchange in effect at the balance sheet date. The resulting gains and losses from translation are included as a component of accumulated other comprehensive loss on the consolidated balance sheet. Fluctuations in exchange rates can materially impact the carrying value of our assets and liabilities. We have currency exposure arising from our net investments in foreign operations. We enter into currency derivatives to mitigate the impact of currency rate changes on certain net investments.

•Remeasurement of monetary assets and liabilities: Transaction gains and losses generated from remeasurement of monetary assets and liabilities denominated in currencies other than the functional currency of a subsidiary are included in other income, net, on the consolidated statements of operations. Certain of our subsidiaries hold intercompany loans denominated in a currency other than their functional currency. Due to the significance of these balances, the revaluation of intercompany loans can have a material impact on other income, net. We expect these impacts may be volatile in the future, although our largest intercompany loans do not have a U.S. dollar cash impact for the consolidated group because they are either: 1) U.S. dollar loans or 2) are non-U.S. dollar loans that we hedge with cross-currency swap and forward contracts. A hypothetical 10% change in currency exchange rates was applied to total net monetary assets denominated in currencies other than the functional currencies at the balance sheet dates to compute the impact these changes would have had on our income before income taxes in the near term. A hypothetical decrease in exchange rates of 10% against the functional currency of our subsidiaries would

have resulted in a change of $6.8 million on our income before income taxes for the three months ended September 30, 2026.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2026. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, or the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of September 30, 2026, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There were no significant changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended September 30, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On March 25, 2026, our Board authorized the repurchase, from time to time, with no expiration date, of up to $200 million aggregate purchase price (excluding any fees, commissions, or other expenses of such purchases) of Cimpress' issued and outstanding ordinary shares on the open market, through privately negotiated transactions, or in one or more self-tender offers. The Board’s authorization does not necessarily mean that we will repurchase the full dollar amount authorized. Share repurchases remain subject to Cimpress’ net leverage and capital allocation priorities and may be suspended or discontinued at any time.

We did not repurchase any of our ordinary shares during the three months ended September 30, 2026.

Item 5. Other Information

On August 4, 2026, Florian Baumgartner, our Executive Vice President and Chief Executive Officer, VistaPrint, adopted a plan for the sale of Cimpress ordinary shares that is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) and that expires on January 31, 2027. The plan provides for sales, on dates and at prices set forth in the plan, of up to 30,688 ordinary shares held by Mr. Baumgartner as of the date of the plan adoption.

Item 6. Exhibits and Financial Statement Schedules


Exhibit No.		Description


31.1		Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Rule 13a-14(a)/15d-14(a), by Chief Executive Officer
31.2		Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, Rule 13a-14(a)/15d-14(a), by Chief Financial Officer
32.1		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, by Chief Executive Officer and Chief Financial Officer
101		The following materials from this Quarterly Report on Form 10-Q, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Shareholders' Deficit, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
104		Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

October 29, 2026 Cimpress plc


	By:	/s/ Sean E. Quinn
		Sean E. Quinn
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

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