What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-01-29 compared with 2025-10-30 · 260 added, 148 removed, 579 unchanged (41% of the section changed)

2 unchanged sentences

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

September 30,

2025 June 30,

46 unchanged sentences

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

Three Months Ended September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Revenue $ 1,042,202 $ 939,159 $ 1,905,479 $ 1,744,128

6 unchanged sentences

Income from operations 88,096 80,949 137,067 120,288

Other income (expense), net 3,453 ( 11,492 )

Other income, net 1,728 31,678 5,181 20,186

Interest expense, net ( 26,997 ) ( 29,165 ) ( 55,063 ) ( 60,580 )

Gain on early extinguishment of debt — 179

Income (loss) before income taxes 24,358 ( 3,389 )

Loss on early extinguishment of debt — ( 696 ) — ( 517 )

Income before income taxes 62,827 82,766 87,185 79,377

Income tax expense 13,337 21,151 31,175 30,146

Net income (loss) 6,520 ( 12,384 )

Net loss (income) attributable to noncontrolling interests 1,117 ( 165 )

Net income (loss) attributable to Cimpress plc $ 7,637 $ ( 12,549 )

Basic net income (loss) per share attributable to Cimpress plc $ 0.31 $ ( 0.50 )

Diluted net income (loss) per share attributable to Cimpress plc $ 0.30 $ ( 0.50 )

Net income 49,490 61,615 56,010 49,231

Net (income) loss attributable to noncontrolling interests ( 146 ) ( 558 ) 971 ( 723 )

Net income attributable to Cimpress plc $ 49,344 $ 61,057 $ 56,981 $ 48,508

Basic net income per share attributable to Cimpress plc $ 2.01 $ 2.45 $ 2.32 $ 1.94

Diluted net income per share attributable to Cimpress plc $ 1.95 $ 2.36 $ 2.26 $ 1.86

Weighted average shares outstanding — basic 24,570,134 24,965,612 24,572,294 25,066,729

1 unchanged sentence

____________________________________________

(1) Share-based compensation expense is allocated as follows:

Three Months Ended September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Cost of revenue $ 216 $ 208 $ 427 $ 431

3 unchanged sentences

See accompanying notes.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited in thousands)

Three Months Ended September 30,

Net income (loss) $ 6,520 $ ( 12,384 )

Other comprehensive income (loss), net of tax:

Foreign currency translation (losses) gains, net of hedges ( 523 ) 6,712

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Net income $ 49,490 $ 61,615 $ 56,010 $ 49,231

Other comprehensive income, net of tax:

Foreign currency translation gains (losses), net of hedges 2,332 ( 21,893 ) 1,809 ( 15,181 )

Net unrealized gains (losses) on derivative instruments designated and qualifying as cash flow hedges 854 7,213 1,145 ( 1,186 )

Amounts reclassified from accumulated other comprehensive loss to net income (loss) for derivative instruments ( 720 ) 284

Comprehensive income (loss) 5,568 ( 13,787 )

Comprehensive loss (income) attributable to noncontrolling interests 1,113 ( 558 )

Total comprehensive income (loss) attributable to Cimpress plc $ 6,681 $ ( 14,345 )

Amounts reclassified from accumulated other comprehensive loss to net income for derivative instruments ( 618 ) 285 ( 1,338 ) 569

Comprehensive income 52,058 47,220 57,626 33,433

Comprehensive (income) loss attributable to noncontrolling interests ( 528 ) 35 585 ( 523 )

Total comprehensive income attributable to Cimpress plc $ 51,530 $ 47,255 $ 58,211 $ 32,910

See accompanying notes.

18 unchanged sentences

Balance at September 30, 2024 43,232 $ 606 ( 17,971 ) $ ( 1,363,550 ) $ 573,192 $ 250,923 $ ( 32,160 ) $ ( 570,989 )

Issuance of ordinary shares due to share option exercises, net of shares withheld for taxes 7 — — — 369 — — 369

Purchase and cancellation of ordinary shares ( 534 ) ( 6 ) — — ( 7,352 ) ( 35,009 ) — ( 42,367 )

Share-based awards vested, net of shares withheld for taxes 84 1 — — ( 3,823 ) — — ( 3,822 )

Share-based compensation expense — — — — 14,495 — — 14,495

Net income attributable to Cimpress plc — — — — — 61,057 — 61,057

Redeemable noncontrolling interest accretion to redemption value — — — — — 591 — 591

Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges — — — — — — 7,498 7,498

Foreign currency translation, net of hedges — — — — — — ( 21,300 ) ( 21,300 )

Balance at December 31, 2024 42,789 $ 601 ( 17,971 ) $ ( 1,363,550 ) $ 576,881 $ 277,562 $ ( 45,962 ) $ ( 554,468 )

Ordinary Shares Treasury Shares

Issued Amount Number

Shares Issued Amount Additional

Capital Retained

Earnings Accumulated Other

Comprehensive

Shareholders’

Balance at June 30, 2025 42,449 $ 597 ( 17,971 ) $ ( 1,363,550 ) $ 592,315 $ 225,117 $ ( 37,969 ) $ ( 583,490 )

1 unchanged sentence

Purchase and cancellation of ordinary shares ( 45 ) ( 1 ) — — ( 674 ) ( 2,051 ) — ( 2,726 )

Restricted and performance share units vested, net of shares withheld for taxes 224 4 — — ( 6,707 ) — — ( 6,703 )

Share-based awards vested, net of shares withheld for taxes 224 4 — — ( 6,707 ) — — ( 6,703 )

Share-based compensation expense — — — — 14,474 — — 14,474

3 unchanged sentences

Balance at September 30, 2025 42,639 $ 600 ( 17,971 ) $ ( 1,363,550 ) $ 599,916 $ 230,703 $ ( 38,925 ) $ ( 571,256 )

Issuance of ordinary shares due to share option exercises, net of shares withheld for taxes 16 — — — 780 — — 780

Purchase and cancellation of ordinary shares ( 370 ) ( 4 ) — — ( 5,557 ) ( 19,899 ) — ( 25,460 )

Share-based awards vested, net of shares withheld for taxes 96 1 — — ( 3,630 ) — — ( 3,629 )

Share-based compensation expense — — — — 16,514 — — 16,514

Net income attributable to Cimpress plc — — — — — 49,344 — 49,344

Redeemable noncontrolling interest accretion to redemption value — — — — — 792 — 792

Net unrealized gain on derivative instruments designated and qualifying as cash flow hedges — — — — — — 236 236

Foreign currency translation, net of hedges — — — — — — 1,950 1,950

Balance at December 31, 2025 42,381 $ 597 ( 17,971 ) $ ( 1,363,550 ) $ 608,023 $ 260,940 $ ( 36,739 ) $ ( 530,729 )

See accompanying notes.

1 unchanged sentence

(unaudited in thousands)

Three Months Ended September 30,

Six Months Ended December 31,

Operating activities

Net income (loss) $ 6,520 $ ( 12,384 )

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Net income $ 56,010 $ 49,231

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 73,236 70,757

2 unchanged sentences

Gain on early extinguishment of debt — 123

Unrealized (gain) loss on derivatives not designated as hedging instruments included in net income (loss) ( 6,143 ) 18,337

Unrealized gain on derivatives not designated as hedging instruments included in net income

( 12,117 ) ( 12,313 )

Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency 419 ( 9,448 )

9 unchanged sentences

Purchases of property, plant and equipment ( 51,533 ) ( 43,419 )

Business acquisitions, net of cash acquired ( 10,401 ) —

Capitalization of software and website development costs ( 33,310 ) ( 31,248 )

1 unchanged sentence

Proceeds from maturity of held-to-maturity investments — 4,500

Proceeds from the settlement of derivatives designated as hedging instruments

Net cash used in investing activities ( 93,551 ) ( 63,061 )

5 unchanged sentences

Payments of debt issuance costs — ( 11,551 )

Payments of withholding taxes in connection with equity awards ( 6,703 ) ( 12,948 )

Payments of finance lease obligations ( 4,625 ) ( 4,158 )

Purchase of ordinary shares ( 2,726 ) ( 10,620 )

Proceeds from issuance of ordinary shares 508 1,000

Purchase of noncontrolling interests ( 22,633 ) ( 4,058 )

Distributions to noncontrolling interests — ( 821 )

Proceeds from issuance of ordinary shares 1,288 1,369

Purchase of ordinary shares ( 28,186 ) ( 52,987 )

Payments of withholding taxes in connection with equity awards ( 10,332 ) ( 16,770 )

Net cash used in financing activities

1 unchanged sentence

Effect of exchange rate changes on cash ( 492 ) ( 3,112 )

Net decrease in cash and cash equivalents ( 33,477 ) ( 50,824 )

Net increase in cash and cash equivalents 24,056 20,654

Cash and cash equivalents at beginning of period 233,982 203,775

3 unchanged sentences

(unaudited in thousands)

Three Months Ended September 30,

Six Months Ended December 31,

Supplemental disclosures of cash flow information

2 unchanged sentences

Cash received for interest

Cash paid (received) for income taxes 12,813 ( 1,829 )

Cash paid for income taxes

21,636 11,386

Non-cash investing and financing activities

23 unchanged sentences

Ordinary Shares

During the three months ended September 30, 2025, we repurchased 45,000 of our ordinary shares on the open market for $ 2,726 .

The repurchased shares were immediately cancelled after repurchase and therefore have been classified as authorized and unissued shares as of September 30, 2025.

During the six months ended December 31, 2025, we repurchased 414,711 of our ordinary shares on the open market for $ 28,186 .

The repurchased shares were immediately cancelled after repurchase and therefore have been classified as authorized and unissued shares as of December 31, 2025.

Subsidiary Equity Option Awards

During the second quarter of fiscal 2025, we granted subsidiary-level option awards, which provide the founders of one of our businesses with the option to purchase a 5.25% minority equity interest in each of the principal businesses that are included in our PrintBrothers reportable segment.

The option awards have an expiration date of January 15, 2026, and upon exercise the underlying shares are subject to a ten-year lockup period, while the holders are subjected to non-compete provisions over the period in which they are shareholders, plus an additional two years.

No material expense was recognized for any period presented.

Other Income (Expense), Net

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

Three Months Ended September 30,

Gains (losses) on derivatives not designated as hedging instruments (1)

Other Income, Net

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

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Gains on derivatives not designated as hedging instruments (1) $ 1,428 $ 33,632 $ 4,879 $ 13,063

Currency-related (losses) gains, net (2)

( 359 ) ( 2,107 ) ( 540 ) 6,560

Total other income (expense), net

659 153 842 563

Total other income, net $ 1,728 $ 31,678 $ 5,181 $ 20,186

_____________________

(1) Includes realized and unrealized gains and losses on derivative currency forward and option contracts not designated as hedging instruments.

For contracts not designated as hedging instruments, we realized losses of $ 2,692 and $ 2,232 for the three months ended September 30, 2025 and 2024, respectively.

For contracts not designated as hedging instruments, we realized losses of $ 4,546 and $ 7,238 for the three and six months ended December 31, 2025, respectively, and gains of $ 2,981 and $ 749 for the three and six months ended December 31, 2024, respectively.

Refer to Note 4 for additional details relating to our derivative contracts.

(2) Currency-related (losses) gains, net primarily relates to significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility.

Net Income (Loss) Per Share Attributable to Cimpress plc

Basic net income (loss) per share attributable to Cimpress plc is computed by dividing net income (loss) attributable to Cimpress plc by the weighted-average number of ordinary shares outstanding for the respective period.

Diluted net income (loss) per share attributable to Cimpress plc gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), performance share units ("PSUs"), and warrants, if the effect of the securities is dilutive using the treasury stock method.

Net Income Per Share Attributable to Cimpress plc

Basic net income per share attributable to Cimpress plc is computed by dividing net income attributable to Cimpress plc by the weighted-average number of ordinary shares outstanding for the respective period.

Diluted net income per share attributable to Cimpress plc gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), performance share units ("PSUs"), and warrants, if the effect of the securities is dilutive using the treasury stock method.

Awards with performance or market conditions are included using the treasury stock method only if the conditions would have been met as of the end of the reporting period and their effect is dilutive.

The following table sets forth the reconciliation of the weighted-average number of ordinary shares.

Three Months Ended September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Weighted-average shares outstanding, basic

1 unchanged sentence

Weighted-average shares issuable upon exercise/vesting of outstanding share options/PSUs/RSUs/warrants (1) 729,387 940,539 603,337 1,078,723

Shares used in computing diluted net income (loss) per share attributable to Cimpress plc 25,051,742 25,167,845

Weighted-average anti-dilutive shares excluded from diluted net income (loss) per share attributable to Cimpress plc (1)(2)

1,955,243 1,224,628

Shares used in computing diluted net income per share attributable to Cimpress plc 25,299,521 25,906,151 25,175,631 26,145,452

Weighted-average anti-dilutive shares excluded from diluted net income per share attributable to Cimpress plc (1) 627,747 299,877 1,291,495 153,799

__________________

(1) In the periods in which a net loss is recognized, the impact of share options, PSUs, RSUs and warrants is excluded from shares used in computed diluted net loss per share as it is anti-dilutive.

(1) On May 1, 2020, we entered into a financing arrangement which included 7-year warrants to purchase 1,055,377 of our ordinary shares with a strike price of $ 60 that have a potentially dilutive impact on our weighted-average shares outstanding.

For the three months ended September 30, 2025, the average share price was below the strike price for the quarter;

therefore, the total outstanding warrants of 1,055,377 were considered anti-dilutive.

For the three months ended September 30, 2024, the average market price of our ordinary shares was higher than the strike price of the warrants, and the weighted-average anti-dilutive effect of the warrants (anti-dilutive due to our net loss position) was 341,158 .

For the three months ended December 31, 2025 and 2024, as well as the six months ended December 31, 2024, the average market price of our ordinary shares was higher than the strike price of the warrants;

therefore, the warrants are considered dilutive in the amounts of 121,970 , 248,156 and 294,657 , respectively.

The weighted-average anti-dilutive effect of the warrants for the six months ended December 31, 2025 was 527,689 , due to the average share price being below the strike price during the period.

Recently Issued or Adopted Accounting Pronouncements

Accounting Standards to be Adopted

In November 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No.

2025-09 "Derivatives and Hedging (Topic 815):

Hedge Accounting Improvements" (ASU 2025-09), which more closely aligns hedge accounting with the economics of an entity’s risk management activities.

The standard will be effective starting with our annual report for the fiscal year ending June 30, 2028, as well as each interim period within that fiscal year.

Early adoption is permitted, but we do not intend to early adopt this standard.

We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

In September 2025, the FASB issued Accounting Standards Update No.

2025-06 "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software" (ASU 2025-06), which modernizes the accounting guidance for internal-use software costs and requires capitalization of software costs to begin when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended.

The standard will be effective starting with our annual report for the fiscal year ending June 30, 2029, as well as each interim period within that fiscal year.

Early adoption is permitted, but we do not intend to early adopt this standard.

We do not expect the adoption of this standard to have a material impact on our consolidated financial statements.

In November 2024, the FASB issued Accounting Standards Update No.

5 unchanged sentences

2023-09 "Income Taxes (Topic 740):

Improvements to Income Tax Disclosures" (ASU 2023-09), which provides authoritative guidance about expanded annual disclosure requirements for the income tax rate reconciliation and income taxes paid by jurisdiction.

Improvements to Income Tax Disclosures" (ASU 2023-09), which provides authoritative guidance about

expanded annual disclosure requirements for the income tax rate reconciliation and income taxes paid by jurisdiction.

The expanded disclosure requirements will be effective starting with our annual report for the fiscal year ending June 30, 2026.

8 unchanged sentences

The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.

September 30, 2025

December 31, 2025

Total Quoted Prices in

23 unchanged sentences

Total liabilities recorded at fair value $ ( 70,312 ) $ — $ ( 70,312 ) $ —

During the three months ended September 30, 2025 and 2024, there were no significant transfers in or out of Level 1, Level 2, and Level 3 classifications.

During the six months ended December 31, 2025 and year ended June 30, 2025, there were no significant transfers in or out of Level 1, Level 2, and Level 3 classifications.

The valuations of the derivatives intended to mitigate our interest rate and currency risks are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each instrument.

This analysis utilizes observable market-based inputs, including interest rate curves, interest rate volatility, or spot and forward exchange rates, and reflects the contractual terms of these instruments, including the period to maturity.

We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurements.

In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements.

In the fair value measurements, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk, and in doing so, we have considered the impact of netting and any applicable credit enhancements.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurement.

However, as of September 30, 2025, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives.

As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 in the fair value hierarchy.

As of September 30, 2025 and June 30, 2025, the carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities approximated their estimated fair values.

As of September 30, 2025 and June 30, 2025, the carrying value of our debt, excluding debt issuance costs and debt premiums and discounts, was $ 1,600,870 and $ 1,604,513 , respectively, and the fair value was $ 1,601,419 and $ 1,582,599 , respectively.

Our debt at September 30, 2025 includes variable-rate debt instruments indexed to Term SOFR that reset periodically, as well as fixed-rate debt instruments.

However, as of December 31, 2025, we have assessed the impact of the credit valuation adjustments and determined that it is not significant to the overall valuation of our derivatives and, as a result, that our derivative valuations in their entirety are classified in Level 2 in the fair value hierarchy.

As of December 31, 2025 and June 30, 2025, the carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities approximated their estimated fair values.

As of December 31, 2025 and June 30, 2025, the carrying value of our debt, excluding debt issuance costs and debt premiums and discounts, was $ 1,607,907 and $ 1,604,513 , respectively, and the fair value was $ 1,621,354 and $ 1,582,599 , respectively.

Our debt at December 31, 2025 includes variable-rate debt instruments indexed to Term SOFR that reset periodically, as well as fixed-rate debt instruments.

The estimated fair value of our debt was determined using available market information based on recent trades or activity of debt instruments with substantially similar risks, terms and maturities, which fall within Level 2 under the fair value hierarchy.

6 unchanged sentences

Additionally, any ineffectiveness associated with an effective and designated hedge is recognized within accumulated other comprehensive loss.

The change in the fair value of derivatives not designated as hedges is recognized directly in earnings as a component of other income (expense), net.

The change in the fair value of derivatives not designated as hedges is recognized directly in earnings as a component of other income, net.

Hedges of Interest Rate Risk

5 unchanged sentences

Amounts reported in accumulated other comprehensive loss related to interest rate swap contracts will be reclassified to interest expense, net as interest payments are accrued or made on our variable-rate debt.

As of September 30, 2025, we estimate that $ 3,273 of income will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending September 30, 2026.

As of September 30, 2025, we had seven effective outstanding interest rate swap contracts that were indexed to Term or Daily SOFR.

As of December 31, 2025, we estimate that $ 3,393 of income will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending December 31, 2026.

As of December 31, 2025, we had six effective outstanding interest rate swap contracts that were indexed to Term or Daily SOFR.

Our interest rate swap contracts have varying start and maturity dates through April 2028.

1 unchanged sentence

Notional Amounts

Contracts accruing interest as of September 30, 2025 (1)

Contracts accruing interest as of December 31, 2025 (1)

Contracts with a future start date 180,000

1 unchanged sentence

________________________

(1) Based on contracts outstanding as of September 30, 2025, the notional value of our contracted interest rate swaps accruing interest will fluctuate between $ 250,000 and $ 380,000 through April 2028 based on layered start dates and maturities.

(1) Based on contracts outstanding as of December 31, 2025, the notional value of our contracted interest rate swaps accruing interest will fluctuate between $ 250,000 and $ 380,000 through April 2028 based on layered start dates and maturities.

Hedges of Currency Risk

5 unchanged sentences

Cross-currency swap contracts designated as net investment hedges are executed to mitigate our currency exposure of net investments in subsidiaries that have reporting currencies other than the U.S.

As of September 30, 2025, we had one outstanding cross-currency swap contract designated as a net investment hedge with a total notional amount of $ 254,547 , maturing during September 2028.

As of December 31, 2025, we had one outstanding cross-currency swap contract designated as a net investment hedge with a total notional amount of $ 254,547 , maturing during September 2028.

We entered into the cross-currency swap contract to hedge the risk of changes in the U.S.

5 unchanged sentences

dollar equivalent value of a portion of our net investment in consolidated subsidiaries that have the Euro as their functional currency.

As of December 31, 2025, we had one currency forward contract designated as a net investment hedge with a notional amount of $ 30,319 , maturing during December 2027.

The impact of net investment hedges is recognized in accumulated other comprehensive loss as a component of translation adjustments, net of hedges, and would only be reclassified to earnings if the hedged subsidiaries were no longer consolidated entities.

We have elected to not apply hedge accounting for all other currency forward and option contracts.

During the three months ended September 30, 2025 and 2024, we experienced volatility within other income (expense), net, in our consolidated statements of operations from unrealized gains and losses on the mark-to-market of outstanding currency forward and option contracts.

During the three and six months ended December 31, 2025 and 2024, we experienced volatility within other income, net, in our consolidated statements of operations from unrealized gains and losses on the mark-to-market of outstanding currency forward and option contracts.

We expect this volatility to continue in future periods for contracts for which we do not apply hedge accounting.

5 unchanged sentences

For certain other currencies with a smaller net impact, we hedge nearly all of our forecasted net exposures for the upcoming six months, with a declining hedge percentage out to fifteen months.

As of September 30, 2025, we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were primarily used to hedge fluctuations in the U.S.

dollar value of forecasted transactions or balances denominated in Australian Dollar, Canadian Dollar, Czech Koruna, Danish Krone, Euro, GBP, Indian Rupee, Mexican Peso, New Zealand Dollar, Norwegian Krone, Philippine Peso, Swiss Franc and Swedish Krona:

As of December 31, 2025, we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were primarily used to hedge fluctuations in the U.S.

dollar value of forecasted transactions or balances denominated in the Australian Dollar, Canadian Dollar, Czech Koruna, Danish Krone, Euro, GBP, Indian Rupee, Mexican Peso, New Zealand Dollar, Norwegian Krone, Philippine Peso, Swiss Franc and Swedish Krona:

Notional Amount Effective Date Maturity Date Number of Instruments Index

$ 863,991 December 2023 through September 2025 Various dates through September 2027 635 Various

$ 821,230 March 2024 through December 2025 Various dates through December 2027 619 Various

Financial Instrument Presentation

The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of September 30, 2025 and June 30, 2025.

The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of December 31, 2025 and June 30, 2025.

Our derivative asset and liability balances fluctuate with interest rate and currency exchange rate volatility.

September 30, 2025

December 31, 2025

Asset Derivatives Liability Derivatives

25 unchanged sentences

Total derivatives not designated as hedging instruments $ 1,238 $ ( 47 ) $ 1,191 $ ( 40,742 ) $ 2,560 $ ( 38,182 )

The following table presents the effect of our derivative financial instruments designated as hedging instruments and their classification within comprehensive loss, net of tax, for the three months ended September 30, 2025 and 2024.

Three Months Ended September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Derivatives in cash flow hedging relationships

3 unchanged sentences

Intercompany loan

— 2,744 — 615

Currency forward contracts 151 — 356 —

Total $ 1,463 $ 9,957 $ 2,909 $ ( 571 )

The following table presents reclassifications out of accumulated other comprehensive loss for the three months ended September 30, 2025 and 2024.

The following table presents reclassifications out of accumulated other comprehensive loss for the three and six months ended December 31, 2025 and 2024:

Amount of Net (Gain) Loss Reclassified from Accumulated Other Comprehensive Loss into Income Affected line item in the

Statement of Operations

Three Months Ended September 30,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Derivatives in cash flow hedging relationships

Interest rate swaps $ ( 804 ) $ 322 $ ( 1,686 ) $ 643 Interest expense, net

Total before income tax ( 882 ) 321 Income (loss) before income taxes

Total before income tax ( 804 ) 322 ( 1,686 ) 643 Income before income taxes

Income tax 186 ( 37 ) 348 ( 74 ) Income tax expense

Total $ ( 618 ) $ 285 $ ( 1,338 ) $ 569

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for the three months ended September 30, 2025 and 2024 for derivative instruments for which we did not elect hedge accounting.

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for the three and six months ended December 31, 2025 and 2024 for derivative instruments for which we did not elect hedge accounting:

Amount of Gain (Loss) Recognized in Net Income Affected line item in the

Statement of Operations

Three Months Ended September 30,

Currency contracts $ 3,451 $ ( 20,569 ) Other income (expense), net

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Currency contracts $ 1,428 $ 33,632 $ 4,879 $ 13,063 Other income, net

Total $ 1,428 $ 33,632 $ 4,879 $ 13,063

Accumulated Other Comprehensive Loss

The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $( 35 ), for the three months ended September 30, 2025 :

Gains (losses) on cash flow hedges (1) Gains (losses) on pension benefit obligation Translation adjustments, net of hedges (2) Total

The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $ 666 , for the six months ended December 31, 2025 :

Gains (losses) on cash flow

hedges (1) Gains (losses) on pension benefit obligation Translation adjustments, net of hedges (2) Total

Balance as of June 30, 2025

1 unchanged sentence

Other comprehensive loss before reclassifications 1,145 — 1,423 2,568

Amounts reclassified from accumulated other comprehensive loss to net income (loss) ( 720 ) — — ( 720 )

Amounts reclassified from accumulated other comprehensive loss to net income

( 1,338 ) — — ( 1,338 )

Net current period other comprehensive loss ( 193 ) — 1,423 1,230

Balance as of September 30, 2025

Balance as of December 31, 2025

$ 3,076 $ ( 1,165 ) $ ( 38,650 ) $ ( 36,739 )

1 unchanged sentence

(1) Gains on cash flow hedges include our interest rate swap contracts designated in cash flow hedging relationships.

(2) As of September 30, 2025 and June 30, 2025, the translation adjustment is inclusive of both the realized and unrealized effects of our net investment hedges.

Gains (losses) on currency forward and cross-currency swap contracts designated as net investment hedges, net of tax, of $ 8,251 and $( 9,406 ) have been included in accumulated other comprehensive loss as of September 30, 2025 and June 30, 2025, respectively.

(2) As of December 31, 2025 and June 30, 2025, the translation adjustment is inclusive of both the realized and unrealized effects of our net investment hedges.

Losses on currency forward and cross-currency swap contracts designated as net investment hedges, net of tax, of $ 7,642 and $ 9,406 have been included in accumulated other comprehensive loss as of December 31, 2025 and June 30, 2025, respectively.

Intercompany loan hedge gains, net of tax, which is associated with a previously settled loan of $ 42,159 have been included in accumulated other comprehensive loss for both periods presented.

The carrying amount of goodwill by reportable segment as of September 30, 2025 and June 30, 2025 was as follows:

The carrying amount of goodwill by reportable segment as of December 31, 2025 and June 30, 2025 was as follows:

Vista PrintBrothers The Print Group All Other Businesses Total

1 unchanged sentence

$ 304,806 $ 164,780 $ 161,649 $ 194,921 $ 826,156

Acquisitions (1) — 38 — — 38

Adjustments (2)

— ( 671 ) — — ( 671 )

Effect of currency translation adjustments (3)

Balance as of September 30, 2025

540 322 270 — 1,132

Balance as of December 31, 2025

$ 305,346 $ 164,469 $ 161,919 $ 194,921 $ 826,655

________________________

(1) In the second quarter of fiscal year 2026, we acquired 100% of the outstanding equity of an immaterial business that is included in our PrintBrothers reportable segment in exchange for $ 10,401 of cash consideration, net of cash acquired, which resulted in the recognition of goodwill of $ 38 .

The purchase price allocation and pro forma results were not material and therefore not presented herein.

(2) In the second quarter of fiscal year 2026, we adjusted the goodwill value of an immaterial business that is included in our PrintBrothers reportable segment, which resulted in the reduction of goodwill of $ 671 .

(3) Related to goodwill held by subsidiaries whose functional currency is not the U.S.

1 unchanged sentence

Accrued expenses included the following:

September 30, 2025 June 30, 2025

December 31, 2025 June 30, 2025

Compensation costs $ 92,579 $ 87,781

Income and indirect taxes (1)

77,810 63,667

Advertising costs (1)

42,869 25,428

Third-party manufacturing and digital content costs (1)

23,881 20,018

Shipping costs (1)

16,849 12,796

Variable compensation incentives 7,999 12,416

5 unchanged sentences

Total accrued expenses $ 353,338 $ 304,085

____________________

(1) The increase in income and indirect taxes, advertising costs, third party manufacturing and digital content costs, and shipping costs is due to increased sales volumes during our holiday peak season in the second quarter of our fiscal year.

Other current liabilities included the following:

September 30, 2025 June 30, 2025

December 31, 2025 June 30, 2025

Short-term derivative liabilities $ 18,898 $ 20,969

3 unchanged sentences

Total other current liabilities $ 30,960 $ 43,343

____________________

(1) In the second quarter of fiscal year 2026, the mandatory redemption date for minority equity interests in three of our businesses within the PrintBrothers reportable segment was reached, resulting in the purchase of their outstanding equity interests for $ 10,724 .

Other liabilities included the following:

September 30, 2025 June 30, 2025

December 31, 2025 June 30, 2025

Long-term derivative liabilities $ 39,464 $ 52,089

3 unchanged sentences

Total other liabilities $ 100,375 $ 107,246

September 30, 2025 June 30, 2025

December 31, 2025 June 30, 2025

7.375% Senior Notes due 2032 $ 525,000 $ 525,000

6 unchanged sentences

_____________________

(1) Balances as of September 30, 2025 and June 30, 2025 are inclusive of short-term debt issuance costs, debt premiums and discounts of $ 4,895 for both periods presented.

(1) The increase in other debt is primarily related to debt acquired as part of an acquisition that was completed during the second quarter of fiscal year 2026 within our PrintBrothers reportable segment.

(2) Balances as of December 31, 2025 and June 30, 2025 are inclusive of short-term debt issuance costs, debt premiums and discounts of $ 4,895 for both periods presented.

Our various debt arrangements described below contain customary representations, warranties, and events of default.

As of September 30, 2025, we were in compliance with all covenants in those debt contracts, including our amended and restated senior secured credit agreement dated as of May 17, 2021 (as further amended from time to time, the "Restated Credit Agreement") and the indenture governing our 7.375% senior unsecured notes due September 15, 2032 (the "2032 Notes").

As of December 31, 2025, we were in compliance with all covenants in those debt contracts, including our amended and restated senior secured credit agreement dated as of May 17, 2021 (as further amended from time to time, the "Restated Credit Agreement") and the indenture governing our 7.375% senior unsecured notes due September 15, 2032 ("2032 Notes").

Senior Secured Credit Facility

On December 16, 2024, we entered into a Restated Credit Agreement which consists of the following as of September 30, 2025:

On December 16, 2024, we entered into a Restated Credit Agreement which consists of the following as of December 31, 2025:

• a $ 1,067,413 USD Tranche that bears interest at Term SOFR (with a Term SOFR rate floor of 0.50 %) plus 2.50%, which amortizes over the loan period, with a final maturity date of May 17, 2028, and

6 unchanged sentences

In addition, if any loans made under the Revolving Credit Facility are outstanding on the last day of any fiscal quarter, then we are subject to a financial maintenance covenant that the First Lien Leverage Ratio calculated as of the last day of such quarter does not exceed 3.25 to 1.00 .

As of September 30, 2025, the weighted-average interest rate on outstanding borrowings under the Restated Credit Agreement was 6.26 %, inclusive of interest rate swap rates.

As of December 31, 2025, the weighted-average interest rate on outstanding borrowings under the Restated Credit Agreement was 5.90 %, inclusive of interest rate swap rates.

We are also required to pay a commitment fee for our Revolving Credit Facility on unused balances of 0.30 % to 0.45 % depending on our First Lien Leverage Ratio.

We have pledged the assets and/or share capital of a number of our subsidiaries as collateral under our Restated Credit Agreement.

We have issued $ 525,000 in 7.375% Senior Notes due 2032 ("2032 Notes"), which are unsecured.

We have issued $ 525,000 in 2032 Notes, which are unsecured.

We can redeem some or all of the 2032 Notes at the redemption prices specified in the indenture that governs the 2032 Notes, plus accrued and unpaid interest to, but not including, the redemption date.

As of September 30, 2025, we have not redeemed any of the 2032 Notes.

Other debt consists primarily of term loans acquired through our various acquisitions or used to fund certain capital investments.

As of September 30, 2025 and June 30, 2025, we had $ 5,754 and $ 6,695 , respectively, outstanding for those obligations that are payable through September 2028.

Our income tax expense was $ 17,838 and $ 8,995 for the three months ended September 30, 2025 and 2024, respectively.

Income tax expense increased versus the prior comparative period primarily due to increased income (loss) before income taxes and various immaterial discrete items in both periods.

As of December 31, 2025, we have not redeemed any of the 2032 Notes.

Other debt primarily consists of term loans acquired through acquisitions or used to fund certain capital investments.

As of December 31, 2025 and June 30, 2025, we had $ 15,494 and $ 6,695 , respectively, outstanding for those obligations that are payable through September 2037.

Our income tax expense was $ 13,337 and $ 31,175 for the three and six months ended December 31, 2025, respectively, as compared to $ 21,151 and $ 30,146 for the three and six months ended December 31, 2024, respectively.

Income tax expense for the three months ended December 31, 2025 decreased versus the prior comparative period primarily due to decreased income before income taxes.

In addition, we recorded a tax benefit of $ 3,126 during the three months ended December 31, 2025 for the release of a valuation allowance in Australia.

Income tax expense for the six months ended December 31, 2025 was in line with the prior comparative period.

O ur effective tax rate continues to be negatively impacted by losses in certain jurisdictions where we are unable to recognize a tax benefit in the current period.

These losses with no tax benefit were excluded in calculating income tax expense for the three months ended September 30, 2025 and 2024, in accordance with GAAP.

These losses with no tax benefit were excluded in calculating income tax expense for the three and six months ended December 31, 2025 and 2024, in accordance with GAAP.

We continuously analyze our valuation allowance positions and the weight of objective and verifiable evidence of actual results against the more subjective evidence of anticipated future income.

As of September 30, 2025, we had unrecognized tax benefits of $ 12,720 , including accrued interest and penalties of $ 19 .

As of December 31, 2025, we had unrecognized tax benefits of $ 12,672 , including accrued interest and penalties of $ 20 .

We recognize interest and, if applicable, penalties related to unrecognized tax benefits in the provision for income taxes.

8 unchanged sentences

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.

On July 4, 2025, the U.S.

enacted the One Big Beautiful Bill Act ("the Act"), which, among other provisions, makes permanent certain measures originally enacted under the Tax Cuts and Jobs Act of 2017 that were set to expire at the end of 2025.

Among other provisions, the Act reinstates 100% bonus depreciation, immediate expensing of U.S.

research and development costs and modifies the calculation for the interest expense limitation under U.S.

Internal Revenue Code §163(j).

The Act did not have a material impact on our financial statements.

Noncontrolling Interests

5 unchanged sentences

Balance as of June 30, 2025 $ 19,057 $ 987

Accretion to redemption value recognized in retained earnings ( 792 ) —

Net loss attributable to noncontrolling interests ( 684 ) ( 287 )

Purchase of noncontrolling interest (1) ( 11,909 ) —

Foreign currency translation 385 1

Balance as of September 30, 2025 (1)

Balance as of December 31, 2025

$ 6,057 $ 701

_________________

(1) During October 2025, the minority equity interest holders for one of our smaller businesses within the PrintBrothers reportable segment exercised their put option, which will require us to purchase their outstanding equity interest during the second quarter of fiscal 2026 for approximately $ 10,267 .

(1) In the second quarter of fiscal year 2026, the minority equity interest holders for one of our smaller businesses within the PrintBrothers reportable segment exercised their put option, which resulted in our purchase of the remaining noncontrolling interests for $ 11,909 .

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, 2025, we have numerous operating segments under our management reporting structure which are reported in the following five reportable segments:

As of December 31, 2025, we have numerous operating segments under our management reporting structure which are reported in the following five reportable segments:

• Vista - Consists of the operations of our VistaPrint branded websites in North America, Western Europe, Australia, New Zealand, India, and Singapore.

3 unchanged sentences

Pixartprinting's U.S.

facility went live in March 2025, fulfilling orders for other Cimpress businesses as the business expands its offerings and launches its brand in North America.

facility went live in March 2025, fulfilling orders for third-party customers and other Cimpress businesses.

• National Pen - Serves small businesses across geographies including North America, Europe, and Australia.

11 unchanged sentences

We made this change to simplify the inputs required for our businesses to transact with each other, and also to set the right incentives to drive increased use of our internal production capabilities.

We have recast our historical segment results for all periods presented to ensure comparability with the updated methodology.

recast our historical segment results for all periods presented to ensure comparability with the updated methodology.

These changes in methodology have no impact on our consolidated financial results.

1 unchanged sentence

The change is intended to drive efficiencies through those functions.

We have updated our segment presentation of all periods presented to reflect these changes.

We have updated our segment presentation for all periods presented to reflect these changes.

Central and corporate costs consist primarily of the team of software engineers that is building our mass customization platform;

6 unchanged sentences

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.

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.

5 unchanged sentences

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,

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 (1) 2025 2024 (1)

15 unchanged sentences

(2) 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, 2025

Three Months Ended December 31, 2025

Vista PrintBrothers The Print Group National Pen All Other Total

7 unchanged sentences

Total external revenue $ 530,372 $ 215,924 $ 101,166 $ 138,691 $ 56,049 $ 1,042,202

Three Months Ended September 30, 2024

Six Months Ended December 31, 2025

Vista PrintBrothers The Print Group National Pen All Other Total

6 unchanged sentences

inter-segment elimination ( 3,907 ) ( 7,241 ) ( 24,533 ) ( 23,397 ) ( 22,695 ) ( 81,773 )

Total external revenue $ 983,829 $ 397,373 $ 187,327 $ 230,726 $ 106,224 $ 1,905,479

Three Months Ended December 31, 2024

Vista PrintBrothers The Print Group National Pen All Other Total

Revenue by Geographic Region:

North America $ 326,538 $ — $ — $ 58,486 $ 45,730 $ 430,754

Europe 140,852 173,437 92,012 64,702 26 471,029

Other 29,633 — — 1,524 6,219 37,376

Inter-segment (1) 719 1,079 6,950 6,783 8,458 23,989

Total segment revenue (1) 497,742 174,516 98,962 131,495 60,433 963,148

inter-segment elimination (1)

( 719 ) ( 1,079 ) ( 6,950 ) ( 6,783 ) ( 8,458 ) ( 23,989 )

Total external revenue $ 497,023 $ 173,437 $ 92,012 $ 124,712 $ 51,975 $ 939,159

Six Months Ended December 31, 2024

Vista PrintBrothers The Print Group National Pen All Other Total

Revenue by Geographic Region:

North America $ 635,713 $ — $ — $ 110,773 $ 89,098 $ 835,584

Europe 236,509 332,805 172,919 96,709 26 838,968

Other 53,392 — — 2,966 13,218 69,576

Inter-segment (1) 1,704 2,135 10,245 14,637 15,331 44,052

Total segment revenue (1) 927,318 334,940 183,164 225,085 117,673 1,788,180

inter-segment elimination (1)

( 1,704 ) ( 2,135 ) ( 10,245 ) ( 14,637 ) ( 15,331 ) ( 44,052 )

Total external revenue $ 925,614 $ 332,805 $ 172,919 $ 210,448 $ 102,342 $ 1,744,128

_____________________

(1) The prior-period segment results have been adjusted to ensure comparability with the updated methodology used for inter-segment transactions.

Refer to the discussion above for further details.

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, 2025 and 2024.

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 (loss) before income taxes.

Three Months Ended September 30, 2025

Three Months Ended December 31, 2025

Vista PrintBrothers The Print Group National Pen All Other

Total segment revenue

$ 532,827 $ 219,903 $ 115,150 $ 150,914 $ 67,177

Cost of revenue

236,338 156,342 70,899 76,113 39,660

Segment gross profit 296,489 63,561 44,251 74,801 27,517

4 unchanged sentences

Segment EBITDA (4) $ 106,960 $ 28,281 $ 23,141 $ 25,569 $ 4,492

Three Months Ended September 30, 2024

Six Months Ended December 31, 2025

Vista PrintBrothers The Print Group National Pen All Other

Total segment revenue

$ 987,736 $ 404,614 $ 211,860 $ 254,123 $ 128,919

Cost of revenue

438,259 288,478 131,930 129,475 73,845

Segment gross profit 549,477 116,136 79,930 124,648 55,074

Advertising expenses 160,050 13,532 14,922 48,465 22,791

Other operating expenses (2) 221,020 57,610 34,328 59,754 27,335

Depreciation and amortization 28,108 8,139 11,374 6,139 8,033

Other segment items (3) 431 887 ( 242 ) 609 591

Segment EBITDA (4) $ 196,946 $ 54,020 $ 41,812 $ 23,177 $ 13,572

Three Months Ended December 31, 2024

Vista PrintBrothers The Print Group National Pen All Other

Total segment revenue (1) $ 497,742 $ 174,516 $ 98,962 $ 131,495 $ 60,433

Cost of revenue (1) 220,533 124,177 61,512 61,039 35,777

Segment gross profit

277,209 50,339 37,450 70,456 24,656

6 unchanged sentences

Segment EBITDA (4) $ 97,190 $ 23,373 $ 18,905 $ 23,373 $ 3,785

Six Months Ended December 31, 2024

Vista PrintBrothers The Print Group National Pen All Other

Total segment revenue (1) $ 927,318 $ 334,940 $ 183,164 $ 225,085 $ 117,673

Cost of revenue (1) 412,570 239,410 113,602 104,692 67,071

Segment gross profit

514,748 95,530 69,562 120,393 50,602

Advertising expenses

151,399 12,028 13,095 47,232 21,431

Other operating expenses (2) 212,981 46,786 28,442 60,794 28,079

Depreciation and amortization

26,135 6,866 10,100 6,434 9,390

Other segment items (3) 1,829 ( 15 ) ( 1,158 ) — 165

Segment EBITDA (4) $ 178,332 $ 43,567 $ 36,967 $ 18,801 $ 10,647

__________________

(1) The prior-period segment results have been adjusted to ensure comparability with the updated methodology used for inter-segment transactions and the transfer of two functions between our Vista reportable segment and central and corporate costs.

1 unchanged sentence

(2) 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.

(3) 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.

(4) For the three months ended September 30, 2025 and 2024 total segment EBITDA was $ 141,084 and $ 121,688 , 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 (loss) before income taxes as outlined below.

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

Three Months Ended September 30,

(3) Other segment items primarily are 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.

(4) Total segment EBITDA was $ 188,443 and $ 329,527 for the three and six months ended December 31, 2025, respectively, as compared to $ 166,626 and $ 288,314 for the three and six months ended December 31, 2024, respectively.

The following table includes segment EBITDA by reportable segment, total income from operations and total income before income taxes:

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 (1) 2025 2024 (1)

Total segment EBITDA $ 188,443 $ 166,626 $ 329,527 $ 288,314

$ 141,084 $ 121,688

Central and corporate costs ( 44,472 ) ( 38,983 ) ( 83,107 ) ( 77,842 )

( 38,635 ) ( 38,859 )

Elimination (2) ( 17,413 ) ( 10,137 ) ( 33,248 ) ( 18,596 )

Depreciation and amortization (3) ( 36,618 ) ( 35,211 ) ( 73,236 ) ( 70,757 )

Certain impairment and other adjustments

Certain impairments and other adjustments ( 539 ) ( 1,183 ) ( 1,266 ) ( 569 )

Restructuring-related charges ( 1,305 ) ( 163 ) ( 1,603 ) ( 262 )

( 298 ) ( 99 )

Total income from operations 88,096 80,949 137,067 120,288

48,971 39,339

Other income (expense), net 3,453 ( 11,492 )

Other income, net 1,728 31,678 5,181 20,186

Interest expense, net ( 26,997 ) ( 29,165 ) ( 55,063 ) ( 60,580 )

Loss on early extinguishment of debt

— ( 696 ) — ( 517 )

Gain on early extinguishment of debt

Income (loss) before income taxes

Income before income taxes $ 62,827 $ 82,766 $ 87,185 $ 79,377

_____________________

(1) The prior-period segment results have been adjusted to ensure comparability with the updated methodology used for inter-segment transactions.

Refer to the discussion above for further details.

2 unchanged sentences

Refer to the discussion above regarding our updated methodology for inter-segment transactions for additional details.

(3) For the three months ended September 30, 2025 and 2024, depreciation and amortization includes costs within our central and corporate costs of $ 5,785 and $ 5,920 , respectively.

Three Months Ended September 30,

(3) Depreciation and amortization includes costs within our central and corporate costs of $ 5,658 and $ 11,443 for the three and six months ended December 31, 2025, respectively, as compared to $ 5,912 and $ 11,832 for the three and six months ended December 31, 2024, respectively.

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Purchases of property, plant and equipment:

6 unchanged sentences

Total purchases of property, plant and equipment $ 25,180 $ 26,418 $ 51,533 $ 43,419

Three Months Ended September 30,

_____________________

(1) The increase is related to investments in new manufacturing capabilities to support our North American market.

Three Months Ended December 31, Six Months Ended December 31,

2025 2024 2025 2024

Capitalization of software and website development costs:

7 unchanged sentences

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

September 30, 2025 June 30, 2025

December 31, 2025 June 30, 2025

Long-lived assets (1):

4 unchanged sentences

Canada 59,990 66,725

Mexico (2) 52,967 16,275

Italy 45,832 41,496

1 unchanged sentence

Tunisia 33,790 29,868

Austria 28,597 9,161

France 28,425 31,095

3 unchanged sentences

___________________

(1) Excludes goodwill of $ 826,363 and $ 826,156 , intangible assets, net of $ 54,116 and $ 58,348 , and deferred tax assets of $ 57,905 and $ 61,086 as of September 30, 2025 and June 30, 2025, respectively.

(1) Excludes goodwill of $ 826,655 and $ 826,156 , intangible assets, net of $ 54,783 and $ 58,348 , and deferred tax assets of $ 56,944 and $ 61,086 as of December 31, 2025 and June 30, 2025, respectively.

(2) The increase is related to investments in new manufacturing capabilities to support our North American market.

Commitments and Contingencies

6 unchanged sentences

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, 2025 and June 30, 2025 were $ 68,611 and $ 64,854 , respectively.

The outstanding obligations with our supply chain finance provider that are included in accounts payable in our consolidated balance sheets as of December 31, 2025 and June 30, 2025 were $ 63,771 and $ 64,854 , respectively.

Purchase Obligations

At September 30, 2025, we had unrecorded commitments under contract of $ 429,237 , including third-party cloud services of $ 253,194 ;

At December 31, 2025, we had unrecorded commitments under contract of $ 368,708 , including third-party cloud services of $ 227,057 ;

inventory, third-party fulfillment and digital service purchase commitments of $ 78,812 ;

9 unchanged sentences

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.

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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements